S&P Global Ratings completed its review of Office Properties Income Trust (OPI) following its debt exchange. Significant near-term debt commitments remain and the company?s liquidity is constrained. As such, specific events of default are envisioned, including another debt exchange, over the next six months. We raised our issuer credit rating on OPI to 'CCC-' from 'SD' (selective default) and our issue-level ratings on the senior unsecured notes that were part of the exchange to 'CC' from 'D'. We lowered our issue-level rating on the company's 2050 senior unsecured notes, which were not part of the debt exchange, to 'CC' from 'CCC-'. The recovery rating on all the unsecured notes without guarantees remains '5'. We also lowered our issue-level rating on
