On Oct. 27, 2006, Standard&Poor's Ratings Services assigned its 'BB' rating to Host Hotels&Resorts L.P.'s proposed $500 million senior notes due 2014. These notes are offered to qualified institutional buyers in a private placement, and proceeds will be used to refinance the company's $450 million 9.5% senior notes due 2007, to pay fees, and for general corporate purposes. 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. Ratings reflect Host's aggressive financial profile and, as a real estate investment trust (REIT), its reliance on external sources of capital for growth. These factors are
