S&P changes CBL outlook to negative

S&P said it changed its outlook for CBL & Associates Properties Inc. to negative from stable and affirmed all its ratings, including the BB- issue-level rating with a 1 recovery rating, indicating very high (90%-100%; rounded estimate 95%) recovery in a hypothetical default, on the company's senior secured term loan due in 2025.

“The negative outlook reflects our view that CBL may face additional pressures to its liquidity and experience difficulty refinancing its debt maturities as our forecast anticipates fixed-charge coverage (FCC) to decrease from higher interest expense and significant debt principal amortization over the next year,” S&P said in a press release.

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