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S&P: Host Hotels notes BB+
Standard & Poor's said it assigned a BB+ rating to Host Hotels & Resorts LP's proposed $350 million senior notes due 2023 with a recovery rating of 1, indicating 90% to 100% expected recovery in a default.
Host expects to use the proceeds to redeem the remaining $250 million of the company's $650 million in outstanding series O notes due 2015 and for general corporate purposes, S&P said.
In November 2011, Host closed on a new $1 billion revolver, which is not rated, that released former subsidiary guarantees and pledges of equity interests, the agency said.
As a result, the company's existing senior notes and debentures indentures also released former subsidiary guarantees and stock pledges under provisions in the indentures that require the same guarantees and collateral provided to the revolving credit facility, S&P said.
The ratings reflect the company's highly leveraged financial risk profile and satisfactory business risk profile, the agency said.
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