...NEW YORK (Standard & Poor's) Oct. 8, 2015--Standard & Poor's Ratings Services today assigned its '###' issue-level rating and '1' recovery rating to Bethesda, Md.-based Host Hotels & Resorts L.P.'s proposed $350 million Series F notes due February 2026. The '1' recovery rating indicates our expectation for very high (90% to 100%) recovery for lenders in the event of a payment default. The company will use a combination of the proceeds from the debt issuance, drawings under its 2015 delayed-draw term loan, and cash on hand to redeem its outstanding 6% Series V notes due 2020 at an aggregate redemption price of $515 million. The proposed senior notes and the company's existing senior notes and debenture indentures have released former subsidiary guarantees and stock pledges under provisions in the indentures that require the same guarantees and collateral provided to the revolving credit facility. Effectively, the existing senior notes are currently unsecured. However, if Host's leverage...
