The rating of the Times Square Hotel Trust's mortgage and lease amortizing certificates has been lowered from BBB-minus to BB-plus and removed from CreditWatch with negative implications by Standard & Poor's.The actions followed the lowering of S&P's BBB-minus rating of Starwood Hotels & Resorts Worldwide Inc. to BB-plus. S&P said the transaction's rating is based on the payments and obligations of Starwood pursuant to a triple net lease on the W New York--Times Square Hotel in New York City. Times Square Hotel Trust's rating is dependent on Starwood's credit rating.
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