trending Market Intelligence /marketintelligence/en/news-insights/trending/24nIRmdHSl5Q-IHPCludsw2 content esgSubNav
Log in to other products


Looking for more?

Contact Us
In This List

Fitch downgrades NH Hotel ratings

Corporate America Not Likely To Unwind COVID-19 Debt Buildup Despite Credit Hits


M&A rebound sparks optimism for near-term deal activity


Message in a (Word)Cloud

Six trends shaping the industries and sectors we cover in 2021

Fitch downgrades NH Hotel ratings

Fitch Ratings downgraded Madrid-based NH Hotel Group SA's long-term issuer default rating to B from B+.

The outlook is stable.

The rating agency also downgraded the company's senior secured long-term rating to BB- with recovery rating of RR2.

The ratings action is in line with the application of Fitch's parent subsidiary linkage criteria and reflects a change in the agency's overall linkage strength assessment.

Fitch had stated in its ratings action commentary dated April 10, that it would equalize NH Hotel's ratings with the consolidated profile of Minor International Public Co. Ltd. should the latter acquire full ownership.

Thailand-based Minor holds a 94.1% stake in NH Hotel as of Dec. 5 and has not reduced it to the originally intended 51%-55% expected by Fitch. The rating agency now deems strong the ties between the two entities.

The downgrade reflects Minor's more leveraged consolidated profile, although there have been no signs so far of a change in NH Hotel's financial policy.