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S&P puts O1 Properties credit rating on CreditWatch negative

S&P Global Ratings placed O1 Properties Ltd.'s B long-term issuer credit rating on CreditWatch with negative implications, in light of a possible takeover by Russian Railways' private outdoor advertising supplier Laysa Group.

The rating agency also placed the B- issue ratings on the notes issued by O1 Properties Finance PLC and O1 Properties Finance JSC on CreditWatch negative.

The Russian real estate developer and investor's parent company, O1 Group, was recently reported to be divesting its entire controlling stake in O1 Properties to Laysa Group. The stake sale is contingent on the approval of the antitrust regulator and agreements with creditors.

S&P said the transaction might present risks to O1 Properties' future strategy and that the company's credit quality might deteriorate quickly if the buyer implements an aggressive funding approach. The agency may consider downgrading O1 Properties if the deal with Laysa Group results in weaker credit quality.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.