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Times Square Hotel Trust 8.528% Mortgage and Lease Amortizing Certificates -- Moody's affirms the CTL rating of Times Square Hotel Trust

The rating was affirmed based on the support of the long term triple net lease guaranteed by Starwood Hotels & Resorts Worldwide Inc. (Moody's senior unsecured rating Baa2, stable outlook) with an additional consideration given to the value of the real estate collateral relative to the outstanding loan balance. The ratings of Credit Tenant Lease (CTL) deals are primarily based on the senior unsecured debt rating (or the corporate family rating) of the tenants leasing the real estate collateral supporting the bonds.