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Fitch lifts NH Hotel, rates notes BB-
Fitch Ratings said it upgraded NH Hotel Group SA's long-term issuer default rating to B from B- and its 2019 senior secured notes to BB- with recovery rating of RR2 from B+ with recovery rating of RR2.
The agency also said it assigned a BB- with recovery rating of RR2 to the group's new €285 million 2023 senior secured notes.
The outlook is stable.
The upgrades reflect both the improved liquidity of NH due to the signing of a new €250 million three-year plus two revolving credit facility, Fitch said, and better structural and cyclical operating performance so far in 2016.
The reinforcement of the group's liquidity profile is accompanied by continued strong operational performance so far in 2016 in the group's main market of Spain due to strong demand, Fitch said.
© 2015 Prospect News.
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