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Fitch affirms ratings on Accor SA

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Fitch affirms ratings on Accor SA

Fitch Ratings affirmed its long-term issuer default on Accor SA, which operates under the AccorHotels brand, at BBB-, with a positive outlook.

The rating agency also maintained its BBB- long-term senior unsecured and F3 short-term issuer default and short-term debt ratings on the French hotel group. Fitch, which removed Accor from rating watch evolving, also affirmed its rating on the company's subordinated perpetual bond at BB.

In its note, Fitch said its positive outlook for Accor's issuer default rating reflects the group's shift to an asset-light business model, on the back of the completion of the €4.4 billion divestment of a 55% stake in the company's property arm, AccorInvest, to a number of investors. The rating agency further noted that it is expecting the business shift to also result in enhanced profitability and deleveraging.