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S&P cuts Accor to junk
S&P said it downgraded Accor SA and its unsecured notes to BB+ from BBB- and lowered the ratings on its hybrid instruments to B+ from BB. The agency also removed all the ratings from CreditWatch negative, where S&P placed them on June 1.
“We now consider that demand for hotel rooms could fall by about 50%-60% in 2020 and 30% in 2021, versus 2019 levels. This would result in negative EBITDA for Accor in 2020, and substantially lower EBITDA than we previously expected, of €180 million, including restructuring costs, together with weak free operating cash flow in 2021,” S&P said in a press release.
The outlook is negative.
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