S&P gives B+ to Ryman notes

S&P said it assigned B+ issue-level and 2 recovery ratings to the planned $300 million of senior unsecured notes due 2028 issued by Ryman Hospitality Properties Inc.'s subsidiaries RHP Hotel Properties LP and RHP Finance Corp. The 2 recovery rating indicates substantial (70%-90%; rounded estimate: 85%) recovery in default.

The ratings are the same as S&P’s ratings on the issuers’ other senior unsecured notes.

The company will use the proceeds, along with the proceeds from its previously announced equity issuance and balance sheet cash to buy the JW Marriot Hill Country in San Antonio, Texas for about $800 million.

The outlook is positive.

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