S&P downgrades O1 Properties to D

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

S&P lowered the issuer and issue ratings to D because O1 did not pay the coupon due March 27, 2020 for its $350 million senior secured notes maturing in 2021.

“The downgrade is also because we believe the company will not make this payment. We base our opinion on the company's weak liquidity position, with assumed very low cash levels and the absence of committed lines,” S&P said in a news release.

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