S&P affirms Lightstone HoldCo

S&P said it affirmed its BB- rating on Lightstone HoldCo LLC's $1.925 billion term loan B, $100 million term loan C and $100 million revolver.

The recovery rating is revised to 2 from 1, reflecting an expectation of substantial (70%-90%; rounded estimate: 70%) recovery in the event of default. The outlook is stable.

“The affirmation of our BB- rating on Lightstone reflects S&P Global Ratings' updated base-case assumptions following an analysis of cost-reduction initiatives and the project's sound operational performance in 2017,” S&P said in a news release.

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