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Moody’s views Brookfield Property negatively
Moody’s Investors Service said it revised its outlook for Brookfield Properties Retail Holding LLC (Brookfield Property REIT Inc.) to negative from stable and affirmed its Ba3 corporate family rating and the B1 ratings on its senior secured revolver, its term loan and senior secured notes. The agency said it withdrew the company's speculative grade liquidity rating.
“The rating outlook was changed to negative from stable due to pressure on the company's fixed charge coverage ratio due to higher interest rates and the thin and declining cushion on the coverage covenant. The negative outlook also considers the challenging financing environment that could meaningfully affect capital access and raise capital costs to address the maturities of the company's mortgages and corporate debt maturities over the next several years,” Moody’s said in a statement.
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