The outlook on OPI is stable. We expect that as part of the company's capital-recycling efforts, OPI will be able to achieve lower leverage through asset sales, with debt to EBITDA projected in the low- to mid-6x area by year-end 2019. We also expect relatively stable cash flows, given the company's largely investment-grade tenant profile. We could lower the rating if OPI fails to execute on the remainder of its planned asset sales and instead pursues debt-financed acquisitions that raise debt to EBITDA above 7.5x for a sustained period. We could also lower the rating if the company fails to adequately lease its vacant properties, resulting in significantly worse operating results than we currently project. Although unlikely over the next
