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S&P turns Lightstone view to stable
S&P said it changed its outlook for Lightstone HoldCo LLC to stable from negative and affirmed the B- issue rating. The 3 recovery rating is unchanged.
“The outlook revision reflects the project's debt maturities.
“To address the initial term loan maturity of 2024, Lightstone executed an amend-and-extend transaction in May 2022, receiving consent from 90% of lenders. In July and September, it refinanced the remaining 10% of the term loans to extend the maturity for the entire term loan to 2027 from 2024. With no immediate maturities, we do not see any substantial liquidity concerns and expect Lightstone to maintain sufficient liquidity to meet its mandatory debt service obligations and fund operations over the next 12 months,” S&P said in a press release.
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