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S&P lowers Mack-Cali Realty
S&P said it lowered the issuer credit rating on Mack-Cali Realty Corp. to BB- from BB.
The agency said it lowered the rating on the company's senior unsecured notes to BB based on an estimate that unsecured lenders would receive 70% to 90% expected default recovery.
The agency said it believes that deteriorating occupancy and upcoming lease expirations will likely constrain NOI growth over the next couple of years.
S&P also said it believes that the company's upcoming debt maturities further heighten refinancing risk in the intermediate term.
The negative outlook reflects uncertainty about the timing of a rebound on the company's Waterfront office portfolio, S&P said.
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