Host Hotels&Resorts L.P.'s New $500 Million Term Loan And $1 Billion Revolver Rated 'BBB-' (Recovery Rating: '2')

NEW YORK (S&P Global Ratings) June 2, 2017--S&P Global Ratings today assigned its 'BBB-' issue-level rating and '2' recovery rating to Bethesda, Md.-based Host Hotels&Resorts Inc.'s subsidiary Host Hotels&Resorts L.P.'s $1.5 billion credit facilities consisting of a $500 million term loan due 2021 and a $1 billion revolving credit facility due 2021. The '2' recovery rating indicates our expectation for substantial (70% to 90%; rounded estimate: 85%) recovery for lenders in the event of a payment default. The company used the proceeds from the new credit facilities to refinance its $500 million term loan due 2017 and its $1 billion revolving credit facility due 2018. We also affirmed our 'BBB-' issue-level rating on Host's senior notes

...NEW YORK (S&P Global Ratings) June 2, 2017--S&P Global Ratings today assigned its '###-' issue-level rating and '2' recovery rating to Bethesda, Md.-based Host Hotels & Resorts Inc.'s subsidiary Host Hotels & Resorts L.P.'s $1.5 billion credit facilities consisting of a $500 million term loan due 2021 and a $1 billion revolving credit facility due 2021. The '2' recovery rating indicates our expectation for substantial (70% to 90%; rounded estimate: 85%) recovery for lenders in the event of a payment default. The company used the proceeds from the new credit facilities to refinance its $500 million term loan due 2017 and its $1 billion revolving credit facility due 2018. We also affirmed our '###-' issue-level rating on Host's senior notes and existing $500 million term loan due 2020, which will remain outstanding. We revised the recovery rating on the term loan and notes to '2' from '1'. The prior facilities contained provisions that would cause subsidiary guarantees and equity pledges...

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