Washington Prime Group Agonizes on Nearing Default

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On November 12, 2020, S&P Global Ratings lowered its issuer credit rating on Washington Prime Group Inc. to CC from CCC and its unsecured debt rating to C from CCC-. The downgrade reflects the strong likelihood of a technical default in the near term, according to the ratings agency. The Company has announced it is actively negotiating specific measures with its existing debt investors that, if successful, would allow it to deleverage its balance sheet. If the Company completes such a transaction, S&P Global would view it as tantamount to a default because it will most likely result in its lenders receiving less than they were promised under the original securities.

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