Service Properties Trust's stock tumbles after S&P Global cuts REIT's credit to 'junk' status [MarketWatch]
Service Properties Trust - Shares of Beneficial Interest (SVC)
Last service properties trust - shares of beneficial interest earnings: 2/28 07:00 am
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Source: MarketWatch
Service Properties Trust's stock tumbles after S&P Global cuts REIT's credit to 'junk' status Shares of Service Properties Trust SVC, -15.30% tumbled 14% in afternoon trading Thursday, after the real estate investment trust (REIT) focused on hospitality and travel services had its credit rating cut to "junk" status at S&P Global Ratings. The issuer credit rating was lowered one notch to BB+, which is the highest speculative grade, or junk, rating, from BBB-, and was placed on CreditWatch with negative implications. The rating agency said it expects the REIT's performance to be hurt as the COVID-19 pandemic leads to possible rent deferrals, delayed asset sales and higher-than-anticipated leverage. "The downgrade reflects our expectation that SVC's operating performance, particularly in its hotel segment, will be negatively affected by the recent COVID-19 pandemic such that we anticipate its revenue per available room (RevPAR) will decline significantly for 2020," S&P Global said. "T
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News
- Service Properties Trust Announces Quarterly Dividend on Common SharesBusiness Wire
- Service Properties Trust First Quarter 2024 Conference Call Scheduled for Wednesday, May 8thBusiness Wire
- Service Properties Trust: Hidden Value In Sonesta [Seeking Alpha]Seeking Alpha
- Service Properties Trust (NASDAQ: SVC) had its price target lowered by analysts at Wells Fargo & Company from $7.50 to $5.75. They now have an "underweight" rating on the stock.MarketBeat
- Service Properties Trust (NASDAQ: SVC) had its price target lowered by analysts at B. Riley from $12.00 to $10.00. They now have a "buy" rating on the stock.MarketBeat
SVC
Earnings
- 2/28/24 - Miss
SVC
Sec Filings
- 4/4/24 - Form POSASR
- 4/3/24 - Form DEFA14A
- 4/3/24 - Form DEF
- SVC's page on the SEC website