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Bulletin: Hyatt Hotels Corp. Rating Not Affected By Repurchase Of Shares
Standard & Poors, May 2011
Abstract
NEW YORK (Standard & Poor's) May 16, 2011--Standard & Poor's Ratings Services said today that its 'BBB' corporate credit and senior ratings on Hyatt Hotels Corp. were not affected by the company's announcement that it has repurchased 8.99 million shares of common stock for $396 million. Hyatt agreed in a privately negotiated transaction to repurchase the stock from trusts for the benefit of certain Pritzker family members. The repurchase transaction represented about 5% of the company's total outstanding shares prior to the repurchase, and almost half of the 19.4 million shares of Hyatt stock currently registered for sale related to Pritzker family trusts. Hyatt had large cash balances of about $1.7 billion at March 2011 that funded the repurchase. Although...
Companies mentioned in this report are: Hyatt Hotels Corp.
Action: Bulletin
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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