Moody's lowers Grupo Posadas

Moody’s Investors Service said it downgraded Grupo Posadas, SAB de CV’s corporate family rating and the senior unsecured rating on its 2022 notes to Caa1 from B2.

The agency changed the outlook to negative.

“The action follows the rapid deterioration of its operating performance during the sanitary emergency in Mexico as a consequence of the coronavirus outbreak and considers the refinancing risk related to Posadas’ 2022 notes, with tightening capital markets conditions and the high likelihood of a distressed exchange,” said Moody’s in a press release.

This downgrade and outlook change close the review Moody’s started on March 6.

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