U.S. lodging company Host Hotels announced a proposed offering of $300 million senior notes due 2021. We are assigning the proposed notes our 'BB+' issue-level rating with a recovery rating of '1'. The stable rating outlook reflects our view that Host will sustain credit measures appropriate for the current rating over the intermediate term. On Nov. 14, 2011, Standard&Poor's Ratings Services assigned Bethesda, Md.-based Host Hotels&Resorts L.P.'s proposed $300 million senior notes due 2021 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 100%) recovery for lenders in the event of
