S&P: Baltimore Hotel view to negative

S&P said it revised the outlook on Baltimore Hotel Corp.’s $268.76 million senior secured revenue refunding bonds series 2017 to negative from stable, driven by the slowdown of the Hilton Baltimore Inner Harbor Hotel's performance in the past two years and the uncertainty of performance recovery in the short term.

The agency also said it affirmed the BBB- rating on the bonds.

Baltimore Hotel underperformed for another year during 2018, compared with performance in the previous year, the hotel's 2018 budget and an 2018 forecast, S&P said.

The negative outlook reflects an expectation that over the next two years, there is a one-in-three likelihood that S&P’s forecast minimum debt service credit ratio will drop below 1.63x.

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