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Fitch Negative Posadas, Chops Iansa

Dec 4, 2008

Fitch has downgraded the outlook on the BB rating of Mexican hotel operator Grupo Posadas to negative from stable. The agency says exchange rate volatility has tightened the company’s liquidity as it requires it to post cash on margin calls related to positions held with derivatives. As of September, negative market value on derivative instruments totaled $11.1m, and a month after that, exposure had...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management