S&P trims Mack-Cali

S&P said it lowered Mack-Cali Realty Corp.’s rating to B+ from BB-.

The outlook is negative.

At the same time, the agency lowered the issue-level ratings on the company's unsecured debt to BB- from BB based on expectations for substantial recovery (70%-90%; rounded estimate: 85%) in a hypothetical default scenario. The recovery rating on the notes is 2.

“The downgrade reflects our view that the economic recession will likely hurt CLI's operating performance and constrain its ability to execute asset sales as anticipated, deteriorating credit metrics further,” the agency said in a news release.

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