S&P Global Ratings affirmed its BBB issuer credit rating on Brookfield Property Partners LP, while revising the company's outlook to negative from stable.
The rating agency noted social distancing measures and store closures in response to the coronavirus pandemic could delay execution of asset sales and result in material deterioration of the real estate company's credit protection measures.
The negative outlook takes into account substantial operating pressure presented by the pandemic on Brookfield Property's core retail portfolio, particularly expected rent deferrals in the second quarter, possible delay in asset sales and the potential for the company's credit protection measures to weaken, according to the rating agency.
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