Summary: CNL Lifestyle Properties Inc. Dec 11
- ID: 2034937
- 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
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