Fitch lowers Posadas

Fitch Ratings said it downgraded the foreign- and local-currency issuer default ratings of Grupo Posadas, SAB de CV and its senior notes due 2011 to BB- from BB. The national scale rating was lowered to A-(mex) from A+(mex), including all of its certificados bursatiles issuances.

The outlook remains negative.

The action reflects expectations of increased leverage as a result of the depreciation of the Mexican peso against the dollar and increased debt related to strengthening the company's liquidity position due to margin calls of derivative instruments, according to the agency.

Total adjusted debt-to-EBITDAR ratio is expected to be 4.3 times.

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