Moody's placed Brookfield Property REIT Inc.'s ratings, including its Ba2 corporate family rating and Ba3 senior secured bank credit facility and senior secured note ratings, on review for downgrade.
The rating agency also downgraded the REIT's speculative grade liquidity rating to SGL-4 from SGL-3. The company's outlook was changed to rating under review from stable.
Moody's attributed the review for downgrade to concerns that Brookfield's reliance on available secured financing could present obstacles to refinance its large amount of mortgage debt maturities in 2020 because of the weakening market condition caused by the coronavirus pandemic.
The review also takes into account governance risks, particularly the potential for leverage to remain elevated, and expected cash flow reductions because of the risk of operating income declines, among other factors, according to the rating agency.