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S&P cuts FelCor notes
Standard & Poor's said it affirmed its corporate credit rating on FelCor Lodging Trust Inc. at B-. The outlook is negative.
S&P also affirmed its B- rating on FelCor Lodging LP's 10% notes and the C rating on FelCor Lodging Trust's preferred stock.
In addition, the agency revised its recovery rating on the floating-rate and 9% senior notes due 2011 to 6, indicating its expectation of negligible (0% to 10%) recovery for lenders in the event of a payment default, from 3. S&P also lowered the issue-level rating on these notes to CCC from B- and removed it from CreditWatch.
S&P said the downgrade reflects the effective subordination of the old notes to the new 10% notes due 2014 following the closing of the supplemental indentures, which eliminated substantially all restrictive covenants, events of default, guaranties and related provisions on the 2011 notes.
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