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Moody's lifts ESH Hospitality
Moody's Investors Service said it upgraded ESH Hospitality, Inc.'s corporate family rating to Ba3 from B1 and revised the outlook to stable from positive.
Moody's also said it assigned a speculative grade liquidity rating at SGL-2.
The agency also upgraded the company's senior unsecured notes due 2025 to Ba3 from B1, senior secured term loan due 2023 to Ba2 from Ba3 and senior secured revolver due 2021 to Ba2 from Ba3.
The upgrades reflect ESH's improved credit profile supported by enhancements to the portfolio quality, demonstrated ability and willingness to maintain strong liquidity and disciplined financial policy, Moody's said.
The upgrades also recognize that the REIT operates with moderate net debt-to-EBITDA of 4.1x as of the second quarter of 2018, the agency said.
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