S&P cuts Crescent ratings

Standard & Poor's said it lowered its corporate credit ratings on Crescent Real Estate Equities Co. and its operating partnership, Crescent Real Estate Equities LP, to BB- from BB.

S&P also lowered the rating on the company's senior unsecured notes to B from B+ and the rating on the company's preferred stock to B- from B.

The outlook is revised to stable from negative.

"The lowered ratings reflect office market conditions that remain persistently weak, pressuring Crescent's highly concentrated portfolio," said S&P credit analyst Elizabeth Campbell. "They also reflect tenant concentration concerns, an aggressive financial profile with weak coverage measures, limited financial flexibility, and a high dividend payout ratio."

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