Moody's upgrades FelCor Lodging

Moody's Investors Service said it upgraded FelCor Lodging LP's senior unsecured debt to Ba3 from B1 and FelCor Lodging Trust Inc.'s preferred stock to B2 from B3. The outlook is stable. This conclude a review begun in January.

The agency said the upgrade reflects improvements in the REIT's operating performance and management plans to further leverage reductions.

Moody's said it expects that FelCor Lodging's planned sale of non-strategic hotels that are under-performing or located in markets where it has excess concentration should enable the REIT to reduce its leverage and improve its operating performance, as well as reduce the geographic concentrations of its hotel investment portfolio.

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