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$布鲁克菲尔德(BN)$ S&P Global Ratings said it is considering cutting Brookfield Property Partners to junk status because the commercial property company has “substantial” amounts of maturing debt to refinance during a time of higher interest rates and lower property values.
彭博最新的报道应该是近期股价异常的原因吧？还是地产惹的祸[想一下]@坚信价值 @HenryX1e

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坚信价值
2023-10-08 16:48

如果看标普的原文，似乎语气并不重。
他们认为母公司$布鲁克菲尔德(BN)$ （A-评级）手里有很多流动性可以应对，甚至不认为媒体上经常报道的那几宗违约是真正的违约，认为只是谈判手段。
最重要的是，他们担忧的主要是单一物业层面（对BPY无追索权）的融资风险，对于BPY层面的融资能力并不担心。
As of June 30, 2023, BPY has suspended approximately 3% of its contractual payments on non-recourse mortgage debt. We view this as a portfolio management exercise by BPY, not a default, but could view it more negatively if loan defaults became frequent because it would erode our view of the company's asset quality.
We believe that BPY maintains a solid position with its lenders due to its parent's scale and platform (BN is a global asset manager with over $850 billion of assets under management) and the reluctance of banks to take back any commercial real estate assets secured by loans in the current market. In many cases, we expect the banks to provide extensions on maturing debt, albeit at higher rates.
We believe BPY maintains access to the capital markets where it could issue unsecured debentures or preferred shares, but that its weakening capital structure adds a modest amount of refinancing risk.
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钝悟也是悟
2023-10-08 20:02

谢谢熊猫的原文链接，作为长期股东，需秉持霍华德.马克斯所倡导的第二层思维，还需抽丝剥茧还原事实，Let’s hope it’s both!

钝悟也是悟
2023-10-08 01:55

S&P is likely to make a decision in the next three months
Commercial property prices have fallen as Fed raised rates
Oct 6,2023 10:31am