S&P lifts Grupo Posadas

Standard & Poor's said it has raised its global scale corporate credit rating on Grupo Posadas SAB de CV to B from CCC+. The agency also raised the debt rating on the company's $200 million unsecured notes to B from CCC+.

S&P removed all ratings from CreditWatch with positive implications. The outlook is stable.

At the same time, the agency said it raised the national scale rating on Posadas to mxBB+ from mxB+ and immediately withdrew it because of the company's prepayment of the local debt.

The agency also affirmed its B rating on the $225 million senior unsecured notes due 2017.

S&P said the upgrade is based on Posadas' liability management, which has significantly improved the company's capital structure and mitigated its liquidity risks.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.