Moody's: Reckson outlook stable

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

Reckson is an indirect subsidiary of SL Green Realty Corp.

The outlook revision reflects expectation that the financial leverage of SL Green, which was reduced in 2009, will remain stable as the REIT navigates through weak office market fundamentals over the near term, according to the agency.

The affirmation reflects the company's strong occupancy, manageable lease expirations and low leverage with a net debt-to-EBITDA ratio at 4.6X in the third quarter, the agency said.

A key concern is the company's significant asset concentration in midtown Manhattan, Moody's said.

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