Research Update: FelCor Rating Lowered To 'B-', Remains On CreditWatch Negative

Standard & Poors, March 2009

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 March 27, 2009, Standard & Poor's Ratings Services lowered its corporate credit and issue-level ratings on FelCor Lodging Trust Inc. and FelCor Lodging L.P. by one notch. (The corporate credit rating was lowered to 'B-' from 'B'.) These ratings remain on CreditWatch, where they were originally placed with negative implications on Feb. 19, 2009. The downgrade reflects the negative impact of the current lodging cycle, which we expect will have a more pronounced effect on FelCor's credit measures than we had factored into the previous rating. This relates, in part, to FelCor's operating leverage as a hotel owner and its concentration in upscale price segments. Our previous rating incorporated our expectation that FelCor's portfolio would experience RevPAR (revenue per...

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

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

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