Moody's confirms Sol Melia

Moody's Investors Service said it confirmed the Baa3 senior unsecured rating of Sol Melia and changed the outlook to negative, concluding the review for downgrade that began on March 3.

The outlook reflects fiscal year 2007 credit metrics that were weaker than anticipated, Moody's said.

Sol Melia's ratio of gross debt to EBITDA was about 5 times.

The confirmation of the Baa3 rating recognizes the significant improvements in credit metrics from the 2006 levels and particularly management's commitment to maintain an investment-grade rating and the consequently conservative financial policies, according to the agency.

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