S&P Global Ratings downgraded its issuer credit rating on CBL & Associates Properties Inc. to B from B+, with a negative outlook.

The rating agency also lowered its issue-level unsecured debt ratings on the regional mall real estate investment trust to B+ from BB-, while its recovery rating remains at 2. The company's preferred stock rating was also downgraded to CCC from CCC+.

Ratings said the REIT's decision to suspend its common and preferred stock dividends, potentially through the end of 2020, will likely limit its access to capital to refinance its debt maturities in 2023.

The negative outlook reflects the expectation that CBL will be challenged over the next 12 months as it struggles to find tenants for its malls, a move that could further weaken its operating and financial performance, according to the rating agency.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.