Fitch rates CDL Hospitality BBB-

Fitch Ratings said it assigned CDL Hospitality Real Estate Investment Trust a long-term issuer default rating of BBB- with a stable outlook.

At the same time, Fitch withdrew CDL Hospitality Trusts' issuer default rating of BBB- with stable outlook as the stapled group does not have the ability to issue debt.

“HREIT's rating reflects the trust's robust financial profile, with FFO fixed-charge cover of 6.5x and loan-to-value (LTV) ratio, measured by net debt/investment property plus fixed assets, of 33% at end-March 2019,” the agency said in a news release.

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