Moody's Investors Service placed on review for downgrade the B1 corporate family rating, the B1-PD probability of default rating, and the B1 senior unsecured instrument ratings of Russian real estate investment company O1 Properties Ltd.

The ratings action comes after the Russian real estate developer and investor's parent company, O1 Group, said it was selling its entire controlling stake in O1 Properties to advertising operator Laysa Group.

Moody's credits the action to uncertainty in regards to the company's operating and financial policies and credit metrics under a new major shareholder, especially since, according to the rating agency, Laysa Group has not previously been involved in the real estate sector.