Europe's leading hotel group, with a growing presence in the Americas and Asia-Pacific. Strong and diversified brand portfolio in the economy, midscale, and luxury segments. Exposure to the inherent cyclicality of the lodging sector, and to event risks, including terrorism. Relatively asset-heavy, lease-based, hotel operating model, prior to sale of majority stake in HotelInvest by mid-2017. Consistently strong liquidity. Free operating cash flow constrained by high capital expenditure. Some pressure on core ratio of S&P Global Ratings-adjusted funds from operations (FFO) to debt in the near term due to lower than anticipated earnings. The stable outlook on France-based lodging group Accor S.A., which refers to the consolidated group prior to the separation of HotelInvest, reflects our opinion that Accor will
