Moody’s downgrades O1’s unsecured notes

Moody’s Investors Service said it downgraded the senior unsecured ratings of instruments issued by O1 Properties Finance plc and O1 Properties Finance JSC, which are subsidiaries of O1 Properties Ltd. to Caa1 from B3.

“The downgrade of O1’s global note and Russian bonds to Caa1 reflects the deterioration in its asset coverage measured by unencumbered assets/gross assets ratio falling to 11% in 2018 from 16% in 2016-17 and adjusted gross debt to investment property portfolio value metric increasing to 96% in 2018 from 84% in 2016, with no prospects of significant improvement until the global note’s maturity in two years,” said Moody’s in a press release.

All other ratings for O1, including the B3 corporate family rating, are unaffected by this action.

The outlook is negative.

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