Moody's revises Ryman outlook to stable

Moody's Investors Service said it revised the outlook on Ryman Hospitality Properties, Inc. to stable from negative and affirmed Ryman's Ba3 corporate family rating and RHP Hotel Properties, LP's B1 senior unsecured rating. The agency upgraded Ryman's speculative grade liquidity rating to SGL-2 from SGL-3.

“The ratings affirmation and outlook revision to stable reflect Ryman's recovery to ADR, RevPAR and EBITDA, due in large part to the improvement and resiliency of leisure transient and longer-term group demand, and have enabled the REIT to improve leverage and key metrics closer to pre-pandemic levels.

“The stable outlook also reflects the strength of Ryman's long-term group contracts which provide a buffer to profitability and a higher level of visibility into future revenues from on-the-books, in contract form bookings relative to other lodging peers,” Moody’s said in a press release.

The improved speculative grade liquidity rating reflects the view over the next 12 months that the REIT will maintain an adequate liquidity profile considering near-term funding needs. As of Sept.30, Ryman had about $225 million in unrestricted cash, full revolver availability of about $765 million, and minimal growth-related capital projects or projected commitments in the near term.

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