Posadas endures another downgrade

Posadas endures another downgrade

Bonds Debt Capital Markets Fixed Income Mexico Latin America Coronavirus

Mexico's Grupo Posadas suffered its second downgrade in a week on Wednesday as S&P Global Ratings cut the hotel operator's ratings by two notches to CCC+ on weak demand following the coronavirus outbreak. S&P's downgrade came two days after Fitch Ratings did the same thing, lowering Posadas to CCC+ from B on expectations of poor results in 2020. Posadas said on Monday that it plans to 76 hotels by April 13, equal to 49% of inventory. It also said it expects the average occupancy to come

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