S&P rates Four Seasons convertibles

Standard & Poor's said it assigned its BBB- rating to Four Seasons Hotels Inc.'s $200 million convertible senior unsecured notes, a drawdown from its existing $250 million shelf registration filed on March 17.

S&P also affirmed its ratings, including its BBB- corporate credit rating, on Four Seasons.

The outlook is stable.

"The ratings on Four Seasons reflect its well-recognized brand that competes in the luxury hotel segment, a geographically diversified portfolio, and its solid liquidity position," said S&P credit analyst Sherry Cai.

S&P said this is partially offset by the company's small cash flow base and its economic ownership of three hotels whose performance has had a meaningful impact on overall profitability in the past few years.

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