NEW YORK (Standard&Poor's) Dec. 15, 2009--Standard&Poor's Ratings Services today assigned Host Hotels&Resorts L.P.'s proposed $300 million exchangeable senior debentures due 2029 its 'BB+' issue-level rating (two notches higher than our 'BB-' corporate credit rating on the company ). We also assigned this debt a recovery rating of '1', indicating our expectation of very high (90% to 100%) recovery for lenders in the event of a payment default. The company will use proceeds from the proposed notes issuance primarily to repay debt. An overallotment of $60 million of the exchangeable senior debentures may be offered if the right is exercised by purchasers, although the increase in the issuance size would not affect the rating assigned
