Well, we did throw them in the TBTF category yesterday, and this could be the first step. Moody's just out with an outlook revision to negative on its current senior unsecured rating (Baa2). "The revision reflects Moody's expectation that the REIT's credit metrics will weaken over the near-term as a result of the pressure building in the office property market fundamentals, particularly New York City, and the unabated constraints in the debt capital markets.... The negative outlook considers the operating pressures Moody's expects over the near-term given rising vacancies due to slowing demand and tenant credit deterioration, which could result in lower fixed charge coverages and higher net debt to EBITDA ratios."
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