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Moody's slices Office Properties
Moody's Investors Service said it downgraded Office Properties Income Trust's corporate family rating to B2 from Ba3 and senior unsecured debt rating to B2 from Ba3. Concurrently, the agency lowered the senior unsecured debt of Select Income REIT to B2 from Ba3.
OPI assumed the Select Income REIT bonds as part of its 2018 merger and this debt ranks equally with OPI's unsecured bonds. At the same time, Moody's downgraded OPI's speculative grade liquidity rating to SGL-4 from SGL-3, reflecting weak liquidity.
OPI's ratings remain on review for further downgrade.
“Today's rating actions reflect the office REIT's high financial leverage and liquidity challenges as it faces the expiration of its unsecured revolving credit facility in January 2024 and a $350 million bond maturity in May 2024,” Moody’s said in a press release.
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