S&P Global Ratings downgraded its long-term issuer credit rating on Russian real estate investment company O1 Properties Ltd. to B- from B and maintained the rating on CreditWatch with negative implications.
The rating agency also lowered its issue ratings on the notes issued by O1 Properties Finance PLC and O1 Properties Finance JSC to CCC+ from B- and kept them on CreditWatch negative.
According to a note, the possibility of a change of control in O1 Properties is rising following its parent company's default on some of its debt and the departure of Goldman Sachs International from its share capital.
The negative CreditWatch represents the possibility that S&P could further downgrade O1 Properties if a change of control does occur, and if debt holders exercise their right for immediate settlement.
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.