S&P revises O1 Properties view to developing

S&P said it revised its CreditWatch implications for its CCC issuer credit rating on O1 Properties and the CCC- issue rating on its debt to developing from negative.

“The CreditWatch placement reflects uncertainty about whether O1 will manage to receive waivers from all lending parties and negotiate longer-term maturities,” S&P said in a news release.

“We could downgrade O1 if liquidity risk heightens, or if there are signs of distressed exchange of any of the company's debt facilities. We could upgrade O1 if its successfully completes its refinancing and eliminates near-term risk of a distressed exchange.”

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