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S&P rates Host Marriott
Standard & Poor's said it assigned its CCC+ rating to Host Marriott Corp.'s proposed $75 million class E cumulative redeemable preferred stock. Concurrently, S&P affirmed its ratings, including its B+ corporate credit rating, on Host.
The outlook is stable.
S&P said the ratings for Host reflect the company's substantial debt levels, with operating lease adjusted debt to EBITDA in the mid-8x area. However, S&P said it expects an improvement in Host's credit measures to result from a healthier operating environment and management's focus on improving the balance sheet.
The ratings also consider the high quality of the company's hotels, the geographic diversity of its portfolio, and its experienced management team. Moreover, Host's good liquidity position and historically good access to both debt and equity capital markets are viewed favorably.
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