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Moody's upgrades Host Hotels
Moody's Investors Service said it upgraded the senior debt ratings of Host Hotels & Resorts, Inc. and Host Hotels & Resorts, LP to Baa2 from Baa3 and revised the outlook to stable from positive.
The agency said the upgrade reflects Host's strong credit metrics, including low leverage and high fixed charge coverage, which should provide downside protection during cyclical lows in the lodging sector.
The ratio of net debt to TTM EBITDA has declined to 2.3x at the end of 2014 from 4.1x at the end of 2012, and fixed charge coverage has increased to 5.3x at the end of 2014 from 2.9x at the end of 2012. These improvements are a result of debt repayments, refinancing of debt at more favorable rates and positive hotel operating performance, Moody’s said.
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