S&P revises O1 Properties to stable

S&P said it revised the outlook on O1 Properties Ltd. to stable from negative.

At the same time, the agency affirmed the company’s B+ long-term corporate credit rating and the B+ issue ratings on the notes issued by O1 Properties Finance plc and O1 Properties Finance JSC.

S&P said the actions stem from its view that O1 Properties' operating performance is stabilizing. The company has maintained good access to capital markets and enjoys better funding conditions from its partner banks. Portfolio performance should be supported by declining vacancies in Moscow's office market and steady market rent rates.

The company's S&P-adjusted EBITDA interest coverage ratio is expected to improve to about 1.4 times in the coming years from 1.2 times in 2016.

In the agency’s view, this will come from a more favorable effective interest rate after renegotiating bank loans and recent issuance.

© 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.