Fitch upgrades Ryman

Fitch Ratings said it upgraded the issuer default ratings of Ryman Hospitality Properties, Inc. and its operating partnership, RHP Hotel Properties, LP (collectively RHP) to BB- from B+.

Fitch also affirmed RHP's senior secured debt at BB+/RR1 and upgraded RHP's senior unsecured debt to BB-/RR4 from B+/RR4. Fitch has also upgraded Aurora Convention Center Hotel LLC's senior secured debt to BB+/RR1 from BB/RR2.

“The upgrade and BB- IDR reflect meaningful improvement in RHP's leverage YTD due to a continued rebound in EBITDA. Fitch forecasts leverage will improve below 5x in 2022. This is a significant improvement considering 1Q22 results were still severely impacted by the impact of the Omicron surge on business travel. This compares to the issuer's financial policy of 4x-4.5x net leverage” Fitch said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.