S&P affirms Service Properties

S&P said it affirmed its B+ issuer credit rating, B+ issue-level rating on Service Properties Trust’s nonguaranteed senior unsecured notes, and BB issue-level rating on its guaranteed notes and removed the ratings from CreditWatch, where S&P placed them with negative implications on Nov. 19.

The outlook is negative.

“We believe pressure on Service Properties Trust's (SVC's) liquidity has eased somewhat following the announcement that it has reached an amendment to extend the maturity of its revolving credit facility by six months,” S&P said in a news release.

“While the company's fully drawn secured revolving credit facility remains due in January 2023 and $500 million of senior unsecured notes are due in August 2022, the company's short-term liquidity position has improved as a result of this revolver extension.”

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