S&P downgrades EPR Properties ratings

S&P Global Ratings downgraded the issuer credit rating on EPR Properties to BB+ from BBB-, with a negative outlook.

The rating agency also lowered the issue-level rating on the specialty real estate investment trust's senior unsecured notes and credit facilities to BB+ and assigned a 3 recovery rating.

The issue-level rating of the company's preferred stock was also downgraded to B+ from BB.

Ratings expects the REIT's operating performance to be weakened by deteriorating tenant quality and rent collection pressure amid the COVID-19 pandemic for at least several quarters.

The negative outlook reflects Ratings' view of prolonged tenant distress and the recession, which would result in material tenant disruption.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.