(Photo above depicts early evening skyline view in Downtown Phoenix)
NEW YORK, NY -- Standard & Poor's Ratings Services assigned the 'BBB-' underlying rating on Downtown Phoenix Hotel Corp.'s $156.7 million hotel net revenue bonds. The outlook is stable.Proceeds are being used to build a 1,000-room, 33-story convention center headquarters hotel in downtown Phoenix called the Sheraton Downtown Phoenix (renderings and photos shown on this page.)
The hotel is scheduled to open in October 2008 and will operate under a Sheraton Corp. flag. The construction is currently on time and within budget.The s
table outlook is based on the hotel's ability to attain its projected financial performance.
table outlook is based on the hotel's ability to attain its projected financial performance. We may lower the rating if construction is significantly delayed or if there are excessive cost overruns. The rating may also be lowered if coverage levels, once the hotel is operational, are lower than projections as a result of delays in completion that impede revenue generation, a prolonged economic slowdown, or other competitive factors that reduce net hotel revenues.
Although it is not expected at this time, a successful track record of operating and financial performance well in excess of forecasts could result in an upgrade, after the hotel reaches st
abilization.
abilization.Complete ratings information is available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at http://www.standardandpoors.com/.
Media contact:
Mimi Barker, New York
(1) 212 438 5054
Analyst Contacts:
Jodi E Hecht, New York
(1) 212-438-2019
Matthew Hobby, New York
(1) 212-438-6441
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