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Fitch upgrades Host Hotels to BBB
Fitch Ratings said it upgraded the ratings of Host Hotels & Resorts, Inc. and its operating partnership Host Hotels & Resorts, LP, including the issuer default rating, to BBB from BBB-.
The outlook is stable.
Fitch said the upgrade reflects the issuer's demonstrated adherence to, and the agency’s expectation of, maintaining leverage within its more conservative 2.5 times to 3 times public financial policy target adopted following the last downturn.
Sustaining leverage in this range during lodging industry expansions should allow Host to keep leverage during a downturn a turn or more below similarly rated REITs with less volatile cash flows. This assumes that the company's peak-to-trough EBITDA decline during a downturn is consistent with its negative 30% to negative 50% historical experience, Fitch explained.
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