S&P lowers O1 Properties debt

S&P said it removed the issue ratings on O1 Properties Finance plc’s $350 million senior unsecured debt and O1 Properties Finance JSC’s RUB 15 billion and RUB 6 billion senior unsecured debt from under criteria observation.

The agency also lowered the issue ratings to B from B+.

S&P said the action stems solely from the application of its revised issue rating criteria and does not reflect any change in the assessment of the corporate credit ratings.

The agency said the issue ratings are one notch below the corporate credit rating because they rank behind a significant amount of secured debt in the capital structure.

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