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S&P upgrades Motel 6
S&P said it raised its ratings for BRE/Everbright M6 Borrower LLC (Motel 6) and its senior secured credit facility to B from B-.
“The upgrade of Motel 6 to B reflects our updated base case for operating performance and debt reduction that could reduce pro forma leverage to the mid-5x area in 2022. Our updated base case forecast reflects good anticipated operating performance in 2022 and significant debt repayment from anticipated hotel sale proceeds,” the agency said in a press release.
S&P noted that four of the issuer’s 10 tranches of the commercial mortgage-backed securities have been repaid and expects the issuer to repay the rest by the end of 2022.
The outlook remains stable.
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