PrefBlog

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.

This entry was posted on Tuesday, June 21st, 2011 at 8:59 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.