Fitch lowers Posada

Fitch Ratings said it has downgraded Grupo Posadas, SAB de CV's issuer default ratings and debt ratings as follows: foreign currency issuer default rating to B+ from BB-; local currency issuer default rating to B+ from BB-; senior notes due 2011 to B+/RR4 from BB-; and national-scale rating BBB+(mex) from A-(mex), including all certificados bursatiles issuances.

The outlook remains negative.

Fitch said that the downgrades are based on expectations of increased deterioration in operating performance and financial indicators derived from the current adverse economic environment and deepened by the negative effects on travel and tourism in Mexico resulting from the outbreak of the A-H1N1 virus.

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