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Moody’s eyes Columbia Property for trim
Moody’s Investors Service said it placed the ratings of Columbia Property Trust, Inc. including its Baa2 issuer rating and the Baa2 senior unsecured debt rating of its operating subsidiary, Columbia Property Trust Operating Partnership, LP under review for downgrade.
“The review for downgrade reflects the REIT’s substantial increase in Net Debt/EBITDA, which is a function of its large development and redevelopment pipeline that is not yet producing income. We expect Columbia will face challenges in leasing up these projects given the weak macro environment and potential implications of the coronavirus on office demand through 2021,” Moody’s said in a press release.
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