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Moody's upgrades NH Hotel corporate family rating

Moody's upgraded the corporate family rating of NH Hotel Group SA to B1 from B2 and the probability of default rating to B1-PD from B2-PD, while affirming the Ba3 rating of the Spanish hotelier's senior secured notes.

The rating agency said the upgrade takes into account NH Hotel's robust performance, substantial deleveraging and enhanced liquidity, while the affirmation acknowledges the company's low current loan-to-value of 36% against collateral of real property assets and shares pledge of its subsidiary NH Italia. The rating agency also attributed the affirmation to the company's plans not to intensively decrease collateral coverage other than asset rotation deals, among other factors.

The outlook is stable, which is driven in part by the rating agency's expectations for NH Hotel to keep its revenue per available room growth at least in line with the market and to maintain its adjusted EBITDA margin of more than 33% based on Moody's estimate.