S&P affirms Grupo Posadas

Standard & Poor's said it affirmed its BB- local and foreign currency corporate credit ratings on Grupo Posadas SA de CV. The outlook remains stable.

At the same time, the rating on Posadas' 8¾% senior unsecured notes due 2011 was also affirmed at BB- following the reopening of the notes, whereby they were increased by $50 million for a total outstanding amount of $200 million.

S&P said the rating on Posadas reflects its somewhat high financial leverage, the cyclicality of the hotel industry and geographic concentration within Mexico.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.