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Research Update: FelCor Lodging 'B-' Rating Affirmed; Outlook Negative; Various Actions Taken On Note Issues
Standard & Poors, October 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.
U.S.-based REIT Felcor announced the funding of $636 million of new senior secured 10% notes due 2014. We affirmed our 'B-' corporate credit rating on the company, our 'B-' rating on the 10% notes, and our 'C' rating on the company's preferred stock. We lowered our rating on the company's floating-rate and 9% notes due 2011 to 'CCC' from 'B-'. (We expect to withdraw our rating on the floating-rate notes following the close of the tender offer.) The rating outlook is negative, reflecting our expectation that credit measures will remain weak over the intermediate term. On Oct. 14, 2009, Standard & Poor's Ratings Services affirmed its corporate credit rating on Irving, Texas-based FelCor Lodging Trust Inc. at 'B-'. We removed...
Companies mentioned in this report are: FelCor Lodging Trust Inc.,FelCor Lodging L.P.
Action: Removed From CreditWatch
FelCor Lodging Trust Inc.,FelCor Lodging L.P.