...Rating Derivation versus Peers Peer Comparison Whitbread is well positioned relative to European competitors AccorHotels (BBB-/Stable), Melia International SA and NH Hotel Group S.A. (B/Stable). It has a weaker competitive position than major global peers such as Marriott International Inc. (BBB/Positive) and InterContinental Hotels Group, based on number of rooms and geographical diversification. Whitbread has a sound financial profile with a strong freehold hotel base, although not as resilient as asset-light, franchise- and management-contract-focused and FCF-generative groups such as Marriott. Parent/Subsidiary Linkage No parent/subsidiary linkage is applicable. Country Ceiling No Country Ceiling constraint was in effect for these ratings. Operating Environment No operating environment influence was in effect for these ratings. Other Factors Whitbread's expansion programme should drive both revenues and operating profits in the next three years, albeit at a slower pace than in FY15/16....
