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Fitch Rates SL Green Operating Partnership L.P.'s $250MM Sr. Unsecured Notes 'BB+'; Outlook Stable

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  Published in Business and Finance on Wednesday, August 3rd 2011 at 20:21 GMT by Market Wire
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NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings has assigned a 'BB+' rating to the $250 million senior unsecured notes issued by SL Green Operating Partnership, L.P., the operating partnership of SL Green Realty Corp. (NYSE: SLG), and Reckson Operating Partnership, L.P., as co-obligors. The $250.0 million aggregate principal amount of 5.00% senior notes, which were priced to yield 5.03%, are due Aug. 15, 2018.

SL Green expects net proceeds from the sale of the notes to be approximately $246.5 million and expects to use the net proceeds to repay a portion of the amount outstanding under its unsecured credit facility and for general corporate purposes. SL Green Operating Partnership L.P.'s Issuer Default Rating (IDR) is 'BB+'. The Rating Outlook is Stable.

For additional information, please refer to Fitch's full rating report, 'SL Green Realty Corp.' dated March 23, 2011 and available at '[ www.fitchratings.com ]'.

SL Green Realty Corp. is an office REIT located in New York City. As of June 30, 2011, SL Green owned interests in 57 Manhattan properties totaling more than 33.6 million square feet. This includes ownership interests in 25.8 million square feet of commercial properties and debt and preferred equity investments secured by 7.6 million square feet.

Additional information is available at '[ www.fitchratings.com ]'.

Applicable Criteria and Related Research:

--'Recovery Rating and Notching Criteria for Equity REITs' (May 12, 2011);

--'Criteria for Rating U.S. Equity REITs and REOCs (March 15, 2011);

--'Corporate Rating Methodology' (Aug. 16, 2010);

--'Parent and Subsidiary Rating Linkage' (July 14, 2010).

Applicable Criteria and Related Research:

Recovery Rating and Notching Criteria for Equity REITs

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=628490 ]

Criteria for Rating U.S. Equity REITs and REOCs

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=610687 ]

Corporate Rating Methodology - Amended

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=546646 ]

Parent and Subsidiary Rating Linkage Criteria Report

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=534826 ]

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: [ HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS ]. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '[ WWW.FITCHRATINGS.COM ]'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.