Fitch affirms Host Hotels

Fitch Ratings said it affirmed Host Hotels & Resorts' issuer default rating at BBB.

The outlook is stable.

“Host has reduced its leverage (net debt/recurring operating EBITDA) to 1.6x for the TTM period ending Dec. 31, 2018 from its prior-cycle peak of 5.8x,” the agency said in a news release.

Fitch said it expects Host to target leverage in the 2.5x to 3.0x range through the cycle, which is a key ratings consideration.

“The company's leverage is currently below its policy target due to its elevated cash balances,” the agency noted.

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