Host Hotels&Resorts L.P's. $350 Million Senior Notes Rated 'BBB-' (Recovery Rating: '1')

NEW YORK (S&P Global Ratings) March 9, 2017--S&P Global Ratings today assigned its 'BBB-' issue-level rating and '1' recovery rating to Bethesda, Md.-based Host Hotels&Resorts Inc.'s subsidiary Host Hotels&Resorts L.P.'s proposed $350 million series G senior currently unsecured notes due 2024. The '1' recovery rating indicates our expectation for very high (90% to 100%; rounded estimate 95%) recovery for lenders in the event of a payment default. The issue-level rating is 'BBB-', one notch above the corporate credit rating, despite the '1' recovery rating because we cap the issue ratings for speculative-grade issuers at 'BBB-', regardless of the recovery rating. The company will use the proceeds from the proposed notes to repay a portion of its

...NEW YORK (S&P Global Ratings) March 9, 2017--S&P Global Ratings today assigned its '###-' issue-level rating and '1' recovery rating to Bethesda, Md.-based Host Hotels & Resorts Inc.'s subsidiary Host Hotels & Resorts L.P.'s proposed $350 million series G senior currently unsecured notes due 2024. The '1' recovery rating indicates our expectation for very high (90% to 100%; rounded estimate 95%) recovery for lenders in the event of a payment default. The issue-level rating is '###-', one notch above the corporate credit rating, despite the '1' recovery rating because we cap the issue ratings for speculative-grade issuers at '###-', regardless of the recovery rating. The company will use the proceeds from the proposed notes to repay a portion of its borrowings under its revolving credit facility and for general corporate purposes. The proposed senior notes and the company's existing senior notes and debenture indentures are currently unsecured because they have released former subsidiary...

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