Moody's rates Four Seasons convertibles

Moody's Investors Service assigned a Baa3 rating to the $220 million 1.875% senior unsecured convertible notes due 2024 issued by Four Seasons Hotels Inc. and affirmed the company's existing ratings.

The outlook is stable.

Moody's said the rating action reflects the expectation that the company's earnings and cash flow will improve in the low to mid-double digits in 2004 due to rising revenue per available room, a higher number of rooms under management and lower operating losses from ownership operations.

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