|Expense Ratio (net)||N/A|
|Last Cap Gain||N/A|
|Morningstar Risk Rating||N/A|
|Beta (3Y Monthly)||N/A|
|5y Average Return||N/A|
|Average for Category||N/A|
The ratings on the P&I classes were affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio and Moody's stressed debt service coverage ratio (DSCR), are within acceptable ranges. The rating on the IO class was affirmed based on the credit quality of the referenced classes.
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.
The hotel industry hit record numbers in the first quarter of this year and one CEO is not wasting any time expanding into the business. Yahoo Finance's Seana Smith and Dion Rabouin discuss.