S&P Cuts Office Properties Income to Default After Interest Miss

Office Properties Income’s issuer credit rating got cut to selective default by S&P Global Ratings following a miss on interest payments.

• OPI, a REIT that focuses on office space, didn’t make coupons on its 9% senior secured notes due in 2029 and the 3.25% senior secured notes due in 2027
• The company also has more than $275 million of debt maturing in 2026, with cash and cash equivalents of $78.2 million and its revolver fully drawn, according to S&P analysts
  • “Given its weak liquidity position and debt obligations, we do not expect OPI to make interest payments within the ...