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Summary: FelCor Lodging Trust Inc.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
The 'B-' rating on FelCor Lodging Trust Inc. reflects Standard & Poor's Ratings Services' expectation that leverage will remain very high and coverage of interest and preferred dividends will be thin, given our expectation for the company's 2009 and 2010 operating performance. The company's improved intermediate-term maturity profile with the recent funding of its $636 million of senior secured notes due 2014 partially offsets these factors. The company will use the $558 million of proceeds from the notes, net of fees and expenses and after the original issue discount, to tender for $515 million of existing notes due 2011 and for general corporate purposes. In April, we factored into our ratings the expectation that overall U.S. lodging industry revenue per...
Companies mentioned in this report are: FelCor Lodging Trust Inc.,FelCor Lodging L.P.
FelCor Lodging Trust Inc.,FelCor Lodging L.P.