On March 20, 2007, Standard&Poor's Ratings Services assigned its 'BB' rating to Host Hotels&Resorts L.P.'s proposed $550 million exchangeable senior notes due 2027. These notes are offered to qualified institutional buyers in a private placement, and proceeds will be used to refinance mortgage debt and for general corporate purposes. An additional $50 million in notes may be offered if purchasers exercise their right to acquire additional notes. At the same time, Standard&Poor's affirmed its 'BB' corporate credit rating on the company and its parent and sole general partner, Host Hotels&Resorts Inc. The outlook is stable. The ratings reflect Host's aggressive financial profile and, as a real estate investment trust (REIT), its reliance
