S&P: BPO Outlook Revised to Stable from Negative

Standard & Poor’s has announced:

  • •Brookfield Office Properties has a high-quality office portfolio located in generally comparatively healthier global office markets that benefits from long-term leases to good-quality tenants.
  • •We have tolerance for the recent dip in Brookfield’s fixed-charge coverage because we believe a recent acquisition bolsters the company’s strong business profile and will generate very stable cash flow.
  • •We revised our outlook on Brookfield and Brookfield Office Properties Canada to stable from negative because we expect Brookfield’s recent high leasing volume and further modest deleveraging will lead to a gradual improvement in currently weak debt coverage measures over the next few years.
  • •We affirmed our ‘BBB’ corporate credit ratings and our ‘BB+/P-3 (High)’ preferred stock ratings on the two companies.

There are quite a few listed issues: BPO.PR.F, BPO.PR.H, BPO.PR.I, BPO.PR.J, BPO.PR.K, BPO.PR.L, BPO.PR.N and BPO.PR.P. All are tracked by HIMIPref™; all are relegated to the Scraps index on credit concerns.

There was no mention of BPO Properties (BPP) its wholly owned subsidiary.

One Response to “S&P: BPO Outlook Revised to Stable from Negative”

  1. […] The most relevant recent mention of BPO on PrefBlog was just over a year ago, when S&P changed the trend from Negative to Stable. […]

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