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Moody's shifts Columbia Property view to negative
Moody's Investors Service said it changed the outlook to negative from under review and confirmed the ratings of Columbia Property Trust, Inc., including its Baa2 issuer rating and the Baa2 senior unsecured debt rating of its operating subsidiary, Columbia Property Trust OP, LP.
The outlook revision and confirmation finish the review for downgrade started on June 30, Moody’s said.
“The negative outlook considers the office REIT's high net debt/EBITDA, which is a function of its large development/redevelopment pipeline that remains largely unleased. We expect Columbia will face challenges in leasing up these projects given the weak macro environment and potential implications of the coronavirus on office demand through 2021. Therefore, net debt/EBITDA is likely to remain high absent significant delevering transactions by the REIT,” the agency said in a press release.
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