S&P assigns Hospitality Properties Trust preferreds BB+

Standard & Poor's said it assigned its BB+ rating to Hospitality Properties Trust's $300 million series C cumulative redeemable perpetual preferred share issue.

Net of fees and expenses, the agency said that Hospitality Properties Trust expects proceeds of $290 million to be used to partially fund the company's January purchase of TravelCenters of America Inc.

At the same time, S&P said it affirmed its existing ratings on the company, including the BBB corporate credit rating.

The outlook is stable.

The agency noted that the BBB rating on Hospitality Properties Trust reflects the conservative terms of the company's lease and management contracts, the generally good financial profiles of the company's tenants and its historically conservatively capitalized balance sheet.

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