Fitch Ratings affirmed its ratings on SL Green Realty Corp. and the office landlord's units, with a stable outlook.
Among other ratings, Fitch affirmed the real estate investment trust's long-term issuer default rating at BBB. The company's long-term senior unsecured and preferred ratings were affirmed at BBB and BB+, respectively.
Fitch said the ratings take into account SL Green's credit strengths, including its robust competitive position and high-quality New York office portfolio. The rating agency believes that the REIT's financial policy targets and capitalization strategy are appropriate for the BBB rating.
Fitch also noted that SL Green has manageable, well-balanced lease maturity and debt expiration schedules, as well as limited floating-rate debt exposure.
It expects SL Green to operate with REIT leverage of approximately 7x or below during the outlook horizon and that the company's fixed-charge coverage will stay relatively flat.