Office Properties Income Trust (OPI) has launched a private exchange offer under which it will exchange new 2027 secured notes and common stock for some of its existing senior unsecured notes due 2025. Therefore, we placed all of our ratings on the company, including our 'CCC-' issuer credit rating, on CreditWatch with developing implications. The CreditWatch placement reflects the uncertainty around the final terms and execution of the exchange offer. We plan to resolve the CreditWatch following the resolution of the exchange offer. OPI announced that is has launched a private exchange offer with some of the holders of its senior unsecured notes due 2025. Under this offer, the noteholders would receive a pro rata portion of OPI's $445 million
