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Moody's rates Host Marriott notes
Moody's Investors Service said it assigned a Ba3 rating to the proposed $350 million offering of eight-year senior unsecured notes of Host Marriott LP, a subsidiary of Host Marriott Corp.
Host Marriott plans to use the proceeds from this offering to partially prepay 7 7/8% coupon class B senior notes due 2008.
The outlook is stable.
According to Moody's, Host Marriott's Ba3 senior debt rating reflects the real estate investment trust's leading position as an owner of upper-end hotels, counterbalanced by high financial leverage with secured debt. The REIT also has the high operating leverage and cyclicality inherent in the hospitality property business, Moody's said.
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