April 1, 2021, 12:00 PM
The Hilton Baltimore hotel, which overlooks the Orioles baseball stadium, is at risk of defaulting on $263 million of debt because its doors remain closed due to the pandemic.
It’s negotiating with bondholders to loosen debt covenants so that it can tap reserve funds to pay for operating and administrative expenses, which is not usually allowed, according to S&P Global Ratings. Without that, the hotel may run out of cash in the next two months, according to S&P, which cut ratings on its municipal bonds to CCC from B. The credit downgrade assumes that