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Assessing Credit Benefit in European Lodging Sale and Lease-Back Deals May 02
Standard & Poors, May 2002
Abstract
LONDON (Standard & Poor's) May 17, 2002--The recent announcement by Hilton Group PLC (BBB/Stable/--) that it is considering another sale and lease-back (SLB) transaction, similar to its -312 million ($452 million) deal with the Royal Bank of Scotland PLC (AA-/Stable/A-1+) last year, has renewed market interest in SLB transactions in the lodging and leisure sectors. Specifically, investors are looking for clarification on the impact such deals may have on an issuer's credit quality. To date, SLB transactions have always been considered by Standard & Poor's in a similar way to operating leases (that is, as another way of raising finance). Developments in the European lodging and leisure markets, however, raise a number of questions regarding specific features of recent SLB...
Companies mentioned in this report are: The Royal Bank of Scotland PLC,Ladbrokes PLC
Action: S&P Event
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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