- Language: English
- Published: October 2012
- Region: Venezuela
Research Update: FelCor's $565M Senior Secured Notes Rated 'B-' (Recovery Rating: 3)
- Published: September 2009
- Standard & Poors
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.
Irving, Texas-based real estate investment trust FelCor is going to market with a proposed $565 million senior secured notes offering due 2014 (approximately $530 million of expected gross proceeds). We are rating the notes 'B-' with a '3' recovery rating. The 'B-' corporate credit rating on the company remains on CreditWatch with negative implications. We expect to affirm the corporate credit rating and remove it from CreditWatch if the notes transaction closes as proposed. The current CreditWatch listing reflects the probability that we'd lower the corporate credit rating if the notes transaction does not close as proposed. On Sept. 17, 2009, Standard & Poor's Ratings Services assigned its issue-level and recovery ratings to Irving, Texas-based FelCor Lodging Trust Inc.'s proposed...
Companies mentioned in this report are: FelCor Lodging Trust Inc.,FelCor Lodging L.P.
Action: CreditWatch Update
Action: New Rating
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FelCor Lodging Trust Inc.,FelCor Lodging L.P.