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Moody's affirms SL Green ratings

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Moody's affirms SL Green ratings

Moody's affirmed the outstanding ratings for SL Green Realty Corp., Reckson Operating Partnership LP and the Baa3 senior unsecured rating on SL Green Operating Partnership LP.

The outlook is stable.

The rating agency said that the action reflects the real estate investment trust's robust liquidity profile and well-positioned Manhattan portfolio, offset by its weak fixed-charge coverage ratio, increased leverage metrics and large share repurchase program.

According to a Dec. 14 note, SL Green enjoys a leadership position in the tough New York office real estate market and a stable liquidity position, backed by a largely unused $1.5 billion revolver and expensive unencumbered assets.

Moody's said the stable outlook is based on the assumption that SL Green will keep logging strong operating performance and the REIT's leverage and coverage ratios will remain stable or get healthier.