S&P rates Orient-Express Hotels loan BB

Standard & Poor's said it assigned Orient-Express Hotels Ltd. a B+ corporate credit rating. The outlook is stable.

At the same time, S&P assigned subsidiary Orient-Express Hotels Interfin Ltd.'s proposed $655 million senior secured credit facility (consisting of a $105 million revolving credit facility due 2019 and $550 million term loan due 2021) a BB issue-level rating with a recovery rating of 1, indicating very high (90% to 100%) recovery for lenders in the event of a payment default.

Orient-Express Hotels Ltd. is the guarantor of the credit facility.

The B+ corporate credit rating reflects S&P's assessment of Orient-Express' business risk profile as "fair" and its assessment of the company's financial risk profile as "highly leveraged."

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