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Summary: Host Hotels & Resorts Inc. Dec 11
Standard & Poors, Dec 2011
Abstract
The rating on Bethesda, Md.-based Host Hotels & Resorts Inc. reflects its 'highly leveraged' (according to our criteria) financial risk profile, reliance on external sources of capital for growth as a REIT, the cyclical nature of the lodging industry, and the associated revenue and earnings volatility of the company's owned hotel portfolio. The company's adequate liquidity profile, high-quality and geographically diversified hotel portfolio in the U.S., strong brand relationships, and experienced management team somewhat temper these risks and contribute to our view of the company's 'satisfactory' business risk profile, according to our criteria. We believe continued moderate improvement in the U.S. lodging environment in 2012, as well as Host's relatively prudent use of equity capital to expand its hotel portfolio,...
Companies mentioned in this report are: Host Hotels & Resorts Inc.
Action: Review
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.
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