12:39 PM EDT, 06/11/2024 (MT Newswires) -- Moody's said Tuesday it downgraded Allied Properties Real Estate Investment Trust's (AP-UN.TO) senior unsecured debt ratings to "Ba1" from "Baa3."

The downgrade reflects the difficult operating environment for office real estate and the consequent impact on the REIT's earnings, the rating agency said.

Additionally, Moody's assigned a "Ba1" corporate family rating and withdrew Allied's "Baa3' issuer rating. Moody's also assigned a speculative grade liquidity rating of "SGL-3." The outlook remains "negative."

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