Moody's: Reckson outlook negative

Moody's Investors Service said it affirmed the senior debt ratings of Reckson Operating Partnership, LP at Ba2 and revised the outlook to negative.

The negative outlook reflects the REIT's significant asset concentration in midtown Manhattan, coupled with rapidly deteriorating office market fundamentals and property values, according to the agency.

The affirmation reflects the company's strong occupancy, manageable lease expirations, low leverage with a net debt-to-EBITDA ratio at 5.9x at year-end 2008 as well as its strong fixed charge coverage, the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.