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Fitch affirms SL Green
Fitch Ratings said it affirmed SL Green Realty Corp.'s issuer default rating at BB+ and perpetual preferred stock at BB-.
The agency also affirmed SL Green Operating Partnership, LP's issuer default rating at BB+, unsecured revolving credit facility at BB+ and exchangeable senior notes at BB+.
Fitch also affirmed Reckson Operating Partnership, LP's issuer default rating at BB+, senior unsecured notes at BB+ and exchangeable senior debentures at BB+.
Fitch has upgraded SL Green Operating's junior subordinated notes to BB from BB-.
The outlook is stable.
The affirmations reflect the company's credit strengths, including its manageable lease maturity and debt expiration schedules, granular tenant base and the company's maintenance of leverage and coverage ratios appropriate for the rating category, Fitch said.
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