S&P revises Hotelbeds view to stable

S&P said it affirmed its CCC+ long-term issuer credit rating and issue ratings on HNVR Midco Ltd. (Hotelbeds), reflecting what the agency still sees as an unsustainable capital structure.

“Despite the expected improvement in operating performance, its gross debt will remain very elevated at €2.1 billion as of Dec. 31, 2021. The company therefore depends heavily on continuing support from its shareholders,” S&P said in a news release.

“The stable outlook reflects our view that Hotelbeds will post a solid operating performance in the fiscal year 2022, with TTV at 70% of pre-pandemic levels. It also reflects that, following the two-year extension of its debt instruments, it now maintains adequate liquidity.”

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