Research Update: Office Properties Income Trust Upgraded To 'CCC' From 'CCC-' Following Debt Exchange, Outlook Negative; New Secured Notes Rated 'B-' - S&P Global Ratings’ Credit Research

Research Update: Office Properties Income Trust Upgraded To 'CCC' From 'CCC-' Following Debt Exchange, Outlook Negative; New Secured Notes Rated 'B-'

Research Update: Office Properties Income Trust Upgraded To 'CCC' From 'CCC-' Following Debt Exchange, Outlook Negative; New Secured Notes Rated 'B-' - S&P Global Ratings’ Credit Research
Research Update: Office Properties Income Trust Upgraded To 'CCC' From 'CCC-' Following Debt Exchange, Outlook Negative; New Secured Notes Rated 'B-'
Published Jan 14, 2025
8 pages (3352 words) — Published Jan 14, 2025
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Office Properties Income Trust?s (OPI) recently completed private exchange offer provided noteholders with adequate compensation and improved the company?s near-term liquidity position. Therefore, we raised our issuer credit rating on OPI to ?CCC? from ?CCC-?, and removed all of our ratings from CreditWatch, where we placed them with developing implications on Nov. 25, 2024. The outlook is negative. At the same time, we raised our issue-level rating on the company?s March 2029 senior secured notes to ?B-? from ?CCC+?, with the recovery rating remaining ?1?. Our issue-level rating on the company?s September 2029 senior secured notes is unchanged at ?CCC?, with the recovery rating revised to ?3? from ?2?. Our issue-level rating on the company?s senior unsecured notes is unchanged

  
Brief Excerpt:

...Office Properties Income Trust's (OPI) recently completed private exchange offer provided noteholders with adequate compensation and improved the company's near-term liquidity position....

  
Report Type:

Research Update

Ticker
GOV
Issuer
Office Properties Income Trust
Sector
Global Issuers, Structured Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Office Properties Income Trust Upgraded To 'CCC' From 'CCC-' Following Debt Exchange, Outlook Negative; New Secured Notes Rated 'B-'" Jan 14, 2025. Alacra Store. May 12, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Office-Properties-Income-Trust-Upgraded-To-CCC-From-CCC-Following-Debt-Exchange-Outlook-Negative-New-Secured-Notes-Rated-B-3307972>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Office Properties Income Trust Upgraded To 'CCC' From 'CCC-' Following Debt Exchange, Outlook Negative; New Secured Notes Rated 'B-' Jan 14, 2025. New York, NY: Alacra Store. Retrieved May 12, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Office-Properties-Income-Trust-Upgraded-To-CCC-From-CCC-Following-Debt-Exchange-Outlook-Negative-New-Secured-Notes-Rated-B-3307972>
  
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