S&P cuts Grupo Posados

S&P said it downgraded Grupo Posadas SAB de CV and its senior unsecured notes due 2022 to CC from CCC+ and placed the ratings on CreditWatch with negative implications.

“Posadas announced its decision to not fulfill its upcoming interest payment of about $15.5 million due June 30, 2020, and within its 30-day grace period on its $392.6 million outstanding senior unsecured notes due 2022,” S&P said in a press release.

The company said it hired legal and financial advisors to help it evaluate alternatives, S&P said.

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