S&P trims O1 Properties

S&P said it lowered to CCC from B- its long-term issuer credit rating on O1 Properties Ltd. and kept the rating on CreditWatch with negative implications.

S&P also lowered to CCC- from CCC+ the issue ratings on the senior unsecured notes issued by O1 Properties Finance plc and O1 Properties Finance JSC and guaranteed by O1 Properties Ltd. S&P kept these ratings on CreditWatch negative.

“The downgrade reflects our expectation of a heightened risk of debt restructuring over the next six to 12 months, given our forecast of negative funds from operations (FFO) in 2018-2019,” S&P said in a news release.

“As of June 30, 2018, O1 had already reported a year-to-date negative FFO of around US$18 million, resulting from sizable interest expenses on its significant debt of around US$3.2 billion, including our adjustments, on June 30, 2018.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.