Research Update: FelCor Lodging Trust Corporate Credit Rating Cut To ?B+?, Reflecting Worsening Economic Trends

Standard & Poors, October 2008

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Abstract
On Oct. 21, 2008, Standard & Poor's Rating Services lowered its corporate credit rating on Irving, Texas-based FelCor Lodging Trust Inc. to 'B+' from 'BB-'. At the same time, we removed the ratings from CreditWatch with negative implications, where they were placed on Aug. 1, 2008. The outlook is negative. At the same time we assigned our '2' recovery rating to FelCor Lodging L.P.'s $215 million floating-rate senior secured notes and outstanding $300 million 8.5% senior secured notes, both due in 2011. Both notes issues and the company's revolving line of credit (unrated) are secured by a pledge of the limited partner interest in FelCor Lodging L.P. and rank pari passu. The assigned recovery rating of '2' indicates that lenders...

Companies mentioned in this report are: FelCor Lodging Trust Inc.,FelCor Lodging L.P.
Action: Downgraded
Action: Outlook: Negative
Action: Removed From CreditWatch

FelCor Lodging Trust Inc.,FelCor Lodging L.P.

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