Washington Prime Group Inc. on Nov. 12 was downgraded by S&P Global Ratings to CC, from CCC, both with negative outlooks, after the company said it is working with creditors to deleverage its balance sheet. Ratings also downgraded the company's $721 million of 5.95% unsecured notes due August 2024 to C, from CCC-.

S&P Global Ratings noted that the negotiations and potential restructuring, which were disclosed in the company's latest Form 10-Q, would be tantamount to a default, as creditors would be receiving less than originally promised.

Ratings identified Washington Prime's upcoming debt obligations, including $647 million currently outstanding on an unsecured credit facility due Dec. 30, 2021; $690 million due on three term loans maturing between December 2022 and January 2023; and the $721 million of unsecured notes.

Washington Prime Group is a real estate investment trust that owns, manages, acquires and develops retail properties, primarily regional malls and open-air centers.