Fitch: Host Hotels notes BBB-

Fitch Ratings said it assigned a BBB- rating to Host Hotels & Resorts LP’s $400 million 4.5% series F senior unsecured notes due Feb. 1, 2026.

The proceeds, combined with additional term loan borrowings and cash on hand, will be used to redeem its 6% series V notes due 2020.

The company anticipates paying an aggregate redemption price of about $515 million.

The outlook remains stable.

The ratings reflect an expectation that Host will sustain leverage at or below its stated 2.5x to 3.0x leverage target, Fitch said.

The ratings also consider Host’s high quality portfolio of geographically diversified upper-tier hotel properties, the agency said, as well as a large and liquid-unencumbered asset pool.

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