March 27, 2020
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
S&P cuts the Mexican hotel operator's ratings to CCC+ after Fitch did the same this week