S&P: Grupo Posadas notes B

Standard & Poor's said it assigned a B issue-level rating to Grupo Posadas SAB de CV's proposed $225 million senior unsecured notes due 2017.

At the same time, the agency said it kept its CCC+ global scale and mxB+ national scale ratings on the company on CreditWatch with positive implications, where they were placed on.

S&P said the CreditWatch listing continues to reflect the expectation that the company's liability management could significantly improve its capital structure and mitigate its liquidity risks. The listing also incorporates the company's plans to issue $225 million unsecured notes due 2017, which it will use to buy back its outstanding $200 million senior unsecured notes due 2015.

Following these actions, S&P said it believes the company's refinancing risk will drop significantly.

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