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S&P puts Lightstone on positive watch
S&P said it revised its outlook to positive from stable and affirmed its B- issuer credit rating on Lightstone Holdco LLC. The 3 recovery rating (50%-70%) is unchanged, but S&P revised the rounded recovery estimate to 65% from 50%.
“The positive outlook reflects our expectation that Lightstone will generate cash flow until the end of asset life while maintaining adequate operating performance, such that we expect $150 million paydown in 2024 and about $1 billion of the TLB outstanding at maturity,” S&P said in a news release.
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