Moody's gives Baa3, A2 to Downtown Phoenix Hotel bonds

Moody's Investors Service said it assigned a Baa3 rating to the Downtown Phoenix Hotel Corp.'s $156.71 million of senior revenue bonds, series 2005A, and an A2 rating to the corporation's $164.425 million of subordinate revenue bonds, series 2005B, and $28.865 million of subordinate revenue bonds, taxable series 2005C.

The outlook is stable.

The bonds sold on Nov. 30, 2005. They are insured by FGIC, which is rated Baa3 on review for downgrade.

Moody's said the A2 rating reflects support from the City of Phoenix in the form of city sports facilities taxes if project revenues are insufficient for subordinated debt service.

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