S&P affirms O1 Properties

S&P said it affirmed its CCC issuer credit rating on O1 Properties and the CCC- issue rating on its senior unsecured debt, and removed them from CreditWatch with developing implications.

The outlook is positive.

“The rating actions reflects our view that O1 is successfully progressing with obtaining the lenders' consent to waive the change of control clause,” S&P said in a news release.

O1's shareholding structure changed in July 2018 when a private company Riverstretch Trading and Investments became the major shareholder of O1, holding around 70% of its shares.

“We understand that as of now all lenders except for the syndicate for the mezzanine loan (in total amount of $143 million as of June 2019, maturing in 2020) have provided their consent. We understand from O1's management that they expect to obtain the lenders' consent by end-2019,” S&P said.

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