...Stable Outlooks: For 2016, Fitch Ratings has a Stable Outlook for the leisure sector, based on our expectation for moderate discretionary consumer spending growth, offset by rising competitive pressures and technology risk. Our Stable Rating Outlook reflects leisure issuer credit metrics that are generally within our sensitivities for current ratings. Discretionary Spending, Equal or Better: Fitch's retail group expects U.S. consumer spending to increase by 3%¡4% during 2016 -- matching or slightly exceeding the 2015 pace despite uninspiring real wage growth. The trend toward more experiential (over material) purchases should result in leisure discretionary spending to grow near the high end of our projection range. Still, leisure companies must compete against a variety of alternatives for consumer wallet share, including retailers, technology services (e.g. cell phones) and nontravel-oriented entertainment, such as live sports, gambling, media and movies. Consolidation to Remain a Theme:...
