By Albin Sybera Luxembourg-registered CPI Property Group (CPI PG), controlled by Czech billionaire Radovan Vitek, has been downgraded by S&P Global rating agency from ‘BBB-‘ to ‘BB+’, a junk rating, with a negative outlook. S&P pointed to the deterioration in debt metrics including the Ebitda interest coverage in its downgrade of the senior notes and also downgraded the subordinate hybrid notes to ‘B+’ from ‘BB’. S&P’s downgrade reflected its view of CPI PG’s efforts to reduce the company’s debt exposure quickly enough. CPI PG described the downgrade as “unexpected,” stating in a press release…