Fitch Expects to Rate Reckson Operating Partnership's $250MM Sr. Unsecured Notes 'BB+'

NEW YORK, NY, Mar. 11,  2010--Fitch Ratings expects to assign a 'BB+' rating to the $250,000,000 senior unsecured notes offered by Reckson Operating Partnership, L.P. (Reckson), a wholly-owned subsidiary of SL Green Operating Partnership, L.P. (SL Green OP). Reckson, with SL Green OP and SL Green Realty Corp., as co-obligors, has commenced an offering of $250 million aggregate principal amount of senior notes in a private offering.
 
 
Fitch Rates ProLogis' $1.1B Sr Notes & $400MM Sr Convertible Notes 'BBB'; Outlook Negative
 

 Fitch Ratings assigns the following credit ratings to ProLogis (NYSE: PLD):
--$800 million principal amount senior notes due 2020, with a coupon rate of 6.875%, 'BBB';
--$300 million principal amount senior notes due 2017 with a coupon rate of 6.25%, 'BBB';
--$400 million principal amount senior convertible notes due 2015 with a coupon rate of 3.25% and an initial conversion price of $17.29 representing a 29% premium to ProLogis' share price on March 9, 2010, 'BBB'.
 
 

Fitch Upgrades Centerline's CMBS Servicer Ratings Due to Sale


Fitch Ratings upgrades Centerline Servicing Inc.'s (CSI) commercial mortgage-backed securities (CMBS)
servicer ratings as follows:

--Primary servicer rating to 'CPS2-' from 'CPS3+';
--Special servicer rating to 'CSS1-' from 'CSS2'.

Fitch Downgrades BRE Properties' IDR to 'BBB-'; Outlook Stable


 Fitch Ratings has downgraded the Issuer Default Rating (IDR) and outstanding obligation ratings of BRE Properties, Inc. (NYSE: BRE) as follows:

--IDR to 'BBB-' from 'BBB';

--Unsecured revolving credit facility to 'BBB-' from 'BBB';
--Senior unsecured notes to 'BBB-' from 'BBB';
--Convertible senior notes to 'BBB-' from 'BBB';
--Preferred stock to 'BB' from 'BB+'.
For complete details on above transactions, please contact: 
Sandro Scenga, Senior Director, Corporate Communications, Fitch Ratings, +1-212-908-0278

sandro.scenga@fitchratings.com