Fitch downgrades NH Hotel

Fitch Ratings said it downgraded NH Hotel Group SA's long-term issuer default rating to B- from B and senior secured long-term rating to B+ from BB-. The outlook is negative.

“The downgrade reflects a weakening of the consolidated credit profile of the Thai group Minor International PCL (Minor), which owns 94% of NHH, due to severe operational disruption in the lodging sector - one of the sectors most impacted by the Covid-19 outbreak. Our assessment is based on the application of Fitch's parent-subsidiary linkage criteria,” said Fitch in a press release.

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