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S&P rates Host Marriott notes B+
Standard & Poor's said it assigned its B+ rating to Host Marriott LP's new $650 million senior notes due 2015.
Proceeds from the notes will be used to redeem a portion of Host Marriott LP's existing 7.875% series B senior notes due 2008 and tender for all of its 8.375% series E senior notes due 2006, to repay other debt and to pay fees and expenses.
Concurrently, S&P affirmed its ratings, including its B+ corporate credit rating, on Host Marriott Corp. The outlook is stable.
S&P said the ratings on Host reflect the company's substantial debt levels and credit measures that are somewhat weak for the ratings. These factors are tempered by Host's high quality hotel portfolio, an experienced management team, and the expectation that credit measures will continue to improve in the intermediate term driven by earnings growth amid the healthy lodging operating environment.
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