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S&P pares Hudson Pacific Properties
S&P said it lowered its ratings for Hudson Pacific Properties Inc. to BB from BB+, its senior unsecured notes to BB+ from BBB- and its preferred stock to B from B+. The recovery rating on the notes remains 2.
“HPP's key credit metrics are weaker than previously anticipated, and we expect them to remain pressured with only modest improvement expected over the near term. As of Sept. 30, 2023, the company's S&P Global Ratings-adjusted debt to EBITDA was 9.7x, relatively unchanged from the prior year period (9.6x). Similarly, the company's S&P Global Ratings-adjusted FCC weakened to 1.9x, compared with 2.9x in the prior year period, driven by elevated interest rates,” S&P said in a press release.
The agency said it does expect a “modest improvement” in HPP’s S&P Global Ratings-adjusted debt to EBITDA over the near term
The outlook is negative.
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