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24 Mar 2011
Approximately $400 million of debt affected.
New York, March 24, 2011 -- Moody's Investors Service has assigned a (P)Ba3 rating to the prospective
senior unsecured notes offering of CNL Lifestyle Properties, Inc.
(CNL Lifestyle). Moody's has also assigned a Ba3 corporate
family rating to CNL Lifestyle. The rating outlook is stable.
This is the first time Moody's has rated CNL Lifestyle.
The following ratings were assigned with a stable outlook:
CNL Lifestyle Properties, Inc. -- corporate family rating
at Ba3; prospective senior unsecured debt rating at (P)Ba3.
CNL Lifestyle is an externally-managed, publicly offered
non-traded REIT, specializing in the acquisition and ownership
of a diversified pool of real estate assets which include ski and mountain
resorts, golf courses, attractions, marinas, senior
living facilities, and other lifestyle related income-producing
Moody's Ba3 ratings reflect CNL Lifestyle's specialty property
type focus in various assets classes that are highly dependent on consumer
spending. Many of these asset classes, including ski,
attractions, and marinas have high barriers to entry and benefit
from positive demographic trends. However, they are also
highly exposed to seasonal patterns, weather trends, and discretionary
spending, all of which can be volatile. Moody's notes
that the majority of CNL Lifestyle's income is derived from long
term triple-net leases with its operators, which somewhat
mitigates the risks. The REIT does, however, have some
meaningful tenant concentrations which are of concern. Furthermore,
these are highly specialized assets, which have limited alternative
Key credit strengths include CNL Lifestyle's modest overall leverage
and strong fixed charge coverage. Liquidity is adequate for near-term
growth objectives and funding needs. The REIT's primary source
of capital is common equity raised through its public offerings --
its current offering ends in April 2011. As of year-end
2010, CNL Lifestyle had a sizeable $200 million cash balance,
which is expected to increase modestly following the REIT's proposed
$400 million unsecured bond offering. We expect bond proceeds
will be used to partially refinance existing secured indebtedness and
fund future growth. CNL Lifestyle also has an $85 million
secured revolver, which had $58 million drawn as of year-end
2010 and provides limited financial flexibility. We anticipate
that outstandings on the revolver will be paid down with proceeds from
the unsecured offering.
Moody's notes that CNL Lifestyle's unencumbered asset pool
is of small size and modest quality, which somewhat limits the collateral
coverage supporting the proposed senior unsecured bonds.
The stable outlook reflects Moody's expectation that CNL Lifestyle
Properties will maintain its conservative balance sheet metrics as it
continues to grow. Moody's also expects the REIT to continue
its stable operating performance coupled with adequate portfolio coverage
Upward ratings movement would be likely if unencumbered assets were to
increase closer to 50% of gross assets coupled with strong EBITDAR
property coverage ratios. Secured debt below 10% of gross
assets and reduced tenant concentration with top three tenants less than
25% of total property income would also lead to ratings improvement.
A ratings downgrade would likely be precipitated by material shifts in
discretionary spending impacting demand for CNL Lifestyle's properties
or any significant issues with its top tenants/operators more generally.
Fixed charge coverage below 3.0x on a consistent basis or any decrease
in the quality or size of the unencumbered asset pool would also lead
to a ratings downgrade.
This is the first time Moody's has rated CNL Lifestyle Properties,
The principal methodology used in this rating was Global Rating Methodology
for REITs and Other Commercial Property Firms published in July 2010.
CNL Lifestyle Properties, Inc. is a real estate investment
trust (REIT) that invests in income-producing properties with a
focus on lifestyle-related industries. The REIT acquires
properties and leases them primarily on a long-term, triple-net
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service information.
Moody's Investors Service considers the quality of information available
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a credit rating.
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Please see ratings tab on the issuer/entity page on Moodys.com
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The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
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Please see the ratings disclosure page on our website www.moodys.com
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Please see the Credit Policy page on Moodys.com for the methodologies
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of each rating category and the definition of default and recovery.
Commercial Real Estate Finance
Moody's Investors Service
Asst Vice President - Analyst
Commercial Real Estate Finance
Moody's Investors Service
Moody's Investors Service
Moody's assigns (P)Ba3 to CNL Lifestyle's proposed senior debt; stable outlook
250 Greenwich Street
New York, NY 10007
No Related Data.
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