FelCor Lodging L.P. Proposed $500M Senior Secured Notes Rated 'B-' (Recovery Rating: 3); Outlook Stable Dec 12
- Language: English
- Published: December 2012
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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.