The ratings on Reckson Associates Realty Corp., a real estate investment trust based in Melville, N.Y., have been placed on Rating Watch Negative by Fitch Ratings in the wake of the recently announced planned acquisition of the REIT by SL Green Realty Corp.The affected ratings are as follows: Issuer Default Rating, BBB-minus; senior unsecured notes issued by Reckson Operating Partnership LP, BBB-minus; and Reckson Operating Partnership's unsecured credit facility, BBB-minus. The rating actions reflect the execution risk associated with the transaction as well as the "somewhat weaker credit profile of the acquiring entity," Fitch said. The rating agency can be found online at http://www.fitchratings.com.
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