S&P lowers O1 Properties

S&P said it lowered its long-term issuer credit rating on O1 Properties Ltd. to CC from CCC- and the issue ratings to C from CC.

The outlook is negative.

S&P noted O1 has failed to extend its mezzanine debt maturity due April 28, 2020.

“We understand that O1 Properties Ltd. (O1) has not obtained mezzanine debt lenders’ consent to extend the loan due April 28, 2020, and lacks sufficient liquidity or committed lines to repay it,” S&P said in a news release.

A default on the mezzanine loan will trigger a cross default with most debt, the agency said.

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