Fitch Ratings upgraded SL Green Realty Corp.'s issuer default rating to BBB from BBB-.
The ratings outlook is stable.
The rating agency said the upgrade accounts for the company's "adherence to tighter financial policies." The action takes into account the company's progress in transitioning into a largely unsecured borrowing strategy and its ability to access public unsecured bonds.
Fitch also noted the company's strong competitive position and high-quality New York office portfolio with high occupancy levels and long-term leases to tenants with solid credit, as well as the company's well-balanced lease maturity and debt expiration schedules.
