- Language: English
- Published: November 2011
- Region: North America, United States
Summary: CNL Lifestyle Properties Inc. Dec 11
- Published: December 2011
- Standard & Poors
Our recent outlook revision on CNL Lifestyle Properties Inc. and its subsidiary, CNL Income Partners L.P. (collectively, CNL) to negative reflects our view that debt protection measures are unlikely to improve over the next few quarters due to lower returns from recently restructured golf property leases and seasonality at CNL's third-party managed properties. We also believe that debt protection measures may weaken if additional underperforming property leases get restructured. Our ratings on CNL reflect the company's weak business risk profile and significant financial risk profile. We continue to expect CNL to operate with moderate leverage and adequate liquidity. However, it has taken the company longer than expected to fully invest its cash, performance within CNL's golf property portfolio has deteriorated,...
Companies mentioned in this report are: CNL Lifestyle Properties Inc.,CNL Income Partners LP
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.
SHOW LESS READ MORE >
CNL Lifestyle Properties Inc.,CNL Income Partners LP