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S&P lowers O1 Properties
S&P said it lowered its long-term issuer credit rating on O1 Properties Ltd. to B- from B and kept the rating on CreditWatch with negative implications.
The agency also lowered its issue ratings on the notes issued by O1 Properties Finance plc and O1 Properties Finance JSC to CCC+ from B- and kept them on CreditWatch negative.
“The downgrade reflects a view that the likelihood of a change of control in O1 Properties is increasing and could, at the request of its creditors, lead to most of the company's debt becoming due for repayment,” S&P said in a news release.
“There is a change-of-control clause in O1 Properties' $350 million eurobond maturing in 2021, as well as in most of the company's secured loan covenants.”
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