S&P affirms Reckson

Standard & Poor's said it affirmed its BBB- corporate credit rating on Reckson Operating Partnership LP and removed it from CreditWatch, where it was placed with negative implications Aug. 4, 2006.

At the same time, the BBB-corporate credit rating on Reckson Associates Realty Corp. was withdrawn, following the acquisition of that entity by unrated SL Green Realty Corp., the agency said.

Additionally, the rating on Reckson's senior unsecured notes was lowered to BB+ and removed from CreditWatch negative, where it was also placed Aug. 4, 2006, the agency added. The outlook is positive.

The credit quality of Reckson now reflects the implied credit quality of its unrated parent, SL Green, which has agreed to provide a full and unconditional guarantee only for Reckson's exchangeable debentures under the indenture governing this issue, the agency said.

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