DALLAS Meditrust Co. s shares rose to their highest point in 15 months after Moody s Investors Service raised it debt ratings for the owner of the La Quinta Inns hotel chain, citing cash raised from recent property sales.
The company s shares rose $0.39, or 9.3%, to reach $4.60 on April 20. The company s shares are up 78% so far this year, and currently the stock is trading at $4.54.
Moody s, a credit rating company, lifted its rating on Meditrust s senior unsecured debt one notch to Ba3 from B1. About $1.3 billion of debt was affected. (4/24/01)