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Moody's trims Service Properties
Moody's Investors Service said it downgraded Service Properties Trust’s ratings, including its corporate family rating to Ba2 from Ba1 and its guaranteed and non-guaranteed senior unsecured ratings to Ba1 and Ba2, from Baa3 and Ba1, respectively. The speculative grade liquidity rating remains unchanged at SGL-3.
“The ratings downgrade reflects further changes to SVC's capital structure, with the company amending its credit agreement to extend financial covenant waivers through July 2022 and to deliver first-lien mortgages on 74 properties totaling approximately $1.84 billion in aggregate gross book value in order to secure obligations under the agreement. Moody's expects that the company will continue to use secured debt financing to fund capital needs on a go-forward basis,” the agency said in a press release.
The outlook remains negative.
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