NEW YORK, NY--Standard & Poor's Ratings Services has placed its 'BBB-' underlying rating on the Baltimore Mayor and City Council, Md.'s $247.5 million convention center hotel (Hilton Baltimore top right photo) senior revenue series 2006A bonds on CreditWatch with negative implications.The CreditWatch reflects the bonds' ties to the ratings on XL Capital Assurance Inc. (BBB-/Watch Neg/--), which provides the surety for the series 2006A bonds and the debt service reserve fund (SR DSRF).
At the same time, we affirmed our 'BB' rating on the council's $53.44 million convention center hotel subordinate revenue series 2006B bonds, which have a stable outlook.
The council issued both series of bonds for the Baltimore Hotel Corp.For a complete copy of the S&P release, please contact Mimi Barker, New York (1) 212-438-5054, mimi_barker@standardandpoors.com
Analyst Contacts:
Jodi E Hecht, New York (1) 212-438-2019
Matthew Hobby, New York (1) 212-438-6441
Jodi E Hecht, New York (1) 212-438-2019
Matthew Hobby, New York (1) 212-438-6441
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