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1659453 (HOT)
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- Moody's
Times Square Hotel Trust 8.528% Mortgage and Lease Amortizing Certificates -- Moody's confirms the CTL rating of Times Square Hotel Trust
The rating was confirmed based on Moody's recent confirmation of the senior unsecured rating of Marriott International, Inc. ("Marriott") at Baa3. The transaction's rating is based on the support of the long term triple net lease guaranteed by Marriott with an additional consideration given to the value of the real estate collateral relative to the outstanding loan balance.
- Moody's
Starwood Hotels & Resorts Worldwide Inc. -- Moody's confirms Marriott's senior unsecured rating at Baa3, negative outlook
Moody's Investors Service today confirmed Marriott International Inc.'s ("Marriott") senior unsecured rating at Baa3 and assigned its planned $1.0 billion senior unsecured notes issuance a Baa3 rating. At the same time, Moody's confirmed the company's Prime-3 short term commercial paper rating. "The confirmation reflects Marriott's improved liquidity position as the company faces material earnings decline and pressure on its free cash flow in 2020 due to global travel restrictions related to the spread of the coronavirus (COVID-19)," stated Pete Trombetta, Moody's lodging and cruise analyst.
- Moody's
Times Square Hotel Trust 8.528% Mortgage and Lease Amortizing Certificates -- Moody's downgrades and places on review for further downgrade the CTL rating of Times Square Hotel Trust
The rating was downgraded and placed on review for further downgrade based on the recent downgrade of the senior unsecured rating of Marriott International, Inc. ("Marriott") to Baa3 from Baa2, and placed on review for further downgrade. The transaction's rating is based on the support of the long term triple net lease guaranteed by Marriott with an additional consideration given to the value of the real estate collateral relative to the outstanding loan balance.
