S&P Global Ratings put Brookfield Property Partners on a negative watch, meaning the ratings agency might downgrade the real estate giant to junk status, citing its “substantial” maturing debt amid high interest rates and downward pressure on property values.
“While we acknowledge that BPY’s sizable liquidity position and consistent execution of asset sales mitigate the risk of the company not being able to pay its fixed charges over the near term, BPY has one of the weakest financial risk profiles within our North America real estate coverage, given elevated leverage and thin interest coverage,” S&P said in a statement.
“This designation relates to a specific entity…