Moody's trims Mack-Cali Realty

Moody's Investors Service said it downgraded Mack-Cali Realty, LP's senior unsecured debt and corporate family ratings to B1 from Ba2 due to the increased risk the planned transactions will not be completed in a timely manner at the expected values such that the REIT's liquidity position and leverage metrics would weaken in the next few quarters.

Moody's also lowered the speculative grade liquidity rating to SGL-4 from SGL-3.

“The rating outlook remains negative because of lower prospects for meaningful improvement in its office portfolio in the next two to four quarters and the potential for credit negative transactions due to the ongoing public governance disputes with an activist investor,” said the agency in a press release.

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