ข่าวประชาสัมพันธ์เศรษฐกิจ/การเงิน

CreditWatch On Investa Office Fund Ratings Revised To Developing From Negative

          MELBOURNE (S&P Global Ratings) Sept. 14, 2018--S&P Global Ratings said today that it has revised its CreditWatch implications on the 'BBB+' issuer credit ratings and issue ratings on Investa Office Fund (IOF) to developing from negative. We initially placed the ratings on CreditWatch with negative implications on June 14, 2018.
          We revised the CreditWatch implications to reflect our view that the credit quality of IOF could potentially benefit from a more creditworthy entity owning and supporting IOF. 
          Canadian real estate company, Oxford Properties Group (Oxford), has submitted a proposal to acquire 100% of the equity units in IOF for an all-cash consideration of $5.60 per unit. The unsolicited, nonbinding, indicative, and conditional proposal from Oxford represents a $0.08 per share increase on the current binding offer from The Blackstone Group L.P. (Blackstone) of $5.52 per unit. The IOF Board has resolved to engage with Oxford to determine whether its indicative proposal can become binding and capable of acceptance. 
          Our previous CreditWatch with negative implications on IOF was predicated on the Blackstone bid succeeding. We regard Blackstone as a financial sponsor, raising the potential for a more aggressive financial policy that would weaken IOF's credit quality. 
          We will resolve the CreditWatch status after we receive greater clarity over the successful bidder and its intentions for the current IOF debt holders, the ownership structure, and IOF's future operating strategy.