U.S.-based Host Hotels announced a proposed offering of $500 million senior notes due 2020. We are assigning the proposed notes our 'BB+' issue-level rating with a recovery rating of '1', while affirming our 'BB-' corporate credit rating on the company. The stable rating outlook reflects our view that Host will sustain credit measures appropriate for the current rating over the intermediate term. On Oct. 19, 2010, Standard&Poor's Ratings Services assigned Bethesda, Md.-based Host Hotels&Resorts L.P.'s proposed $500 million senior notes due 2020 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
