Moody’s gives B1 CFR to O1 Properties

Moody's Investors Service said it assigned a non-investment grade B1 corporate family rating and B1-PD probability of default rating to O1 Properties Group, a commercial real estate investment and management company operating in Moscow.

The outlook is stable.

"O1's B1 rating reflects risks related to elevated leverage profile with a high reliance on secured debt and its single-market concentration in Moscow particularly amid the current challenging economic environment in Russia. These risks are only partly compensated by the company's competitive position with a large high-quality office portfolio, strong tenant base, and balanced lease terms as well as a sound liquidity position," Moody's assistant vice president and analyst Ekaterina Lipatova said in a news release.

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