Fitch Ratings said Monday that it has has affirmed SL Green Realty Corp.'s (SLG: Quote) Issuer Default Rating at 'BB+'.
The Rating Outlook is Stable.
Fitch said the affirmations of SLG's ratings reflect the company's credit strengths, including its manageable lease maturity and debt expiration schedules, granular tenant base, good contingent liquidity in the form of unencumbered assets and the company's maintenance of leverage appropriate for the rating category.
The positive rating elements are balanced by a weak fixed charge coverage ratio and broader concerns regarding the midtown Manhattan leasing environment, which remains somewhat dependent on the growth of large financial institutions and supporting industries such as law and accounting firms, the rating agency noted.
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by RTT Staff Writer
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