Home Credit Ratings and Research Residential Mortgage-Backed Securities S&P Global Ratings’ Credit Research Accor S.A.

Accor S.A.

Published Dec 18, 2020

15 pages (5978 words) — Published Dec 18, 2020

Price US$ 500.00 | Buy this Report Now

About This Report

Abstract:

The negative outlook reflects the risk that an inadequate recovery in the hotel and lodging sector, slow or insufficient mitigating measures by Accor, or execution risk around asset disposals could result in the company not showing clear operating and financial progress in 2021. This could result in Accor's inability to restore its earnings, cash flow, and credit metrics in line with a 'BB+' rating over the next 24 months. Our base-case scenario forecasts the group's adjusted leverage staying well above 5x in 2020 and 2021, before decreasing below 5x by 2022. We forecast negative earnings and cash flow in 2020, modestly positive free operating cash flow (FOCF) in 2021, and FOCF to debt comfortably above 15% in 2022. We could

Brief Excerpt:

...(Editor's Note: On Feb. 19, 2021, we republished this full analysis report, originally published on Dec. 18, 2020, to correct the diversification score. All data is as of Dec. 18. A corrected version follows.)...

Report Type:

Full Report

Ticker

AC@FP

Issuer

Accor S.A.

GICS

Hotels, Resorts & Cruise Lines (25301020)

Sector

Global Issuers, Structured Finance

Country

France

Region

United States

Format:

PDF

Accor S.A. – 2021/12/21 – US$ 500.00

Research Update: Accor Outlook Revised To Stable On Recovery In RevPar And Improving Credit Metrics; 'BB+' Rating Affirmed – 2022/11/10 – US$ 225.00

Research Update: Accor S.A. Upgraded To ?BBB-/A-3? On Operating Performance And Credit Metrics Recovery; Outlook Stable – 2023/09/12 – US$ 225.00

Hotel Operator Accor's Proposed Hybrid Securities Rated 'BB' With Intermediate Equity Content – 2023/10/02 – US$ 150.00

Accor S.A. – 2023/11/02 – US$ 500.00

Research Update: Accor S.A. Downgraded To 'BB+' On Likelihood Of Weaker Metrics Until 2022 Due To COVID-19 Impact; Outlook Negative – 2020/08/17 – US$ 225.00

Research Update: Accor S.A. 'BBB-' Rating Placed On CreditWatch Negative Given COVID-19's Expected Effect On Earnings And Credit Metrics – 2020/06/03 – US$ 225.00

Research Update: Accor Outlook Revised To Negative On COVID-19 Impact; 'BBB-' Rating Affirmed – 2020/03/24 – US$ 225.00

Bulletin: Accor Completes Its Asset-Light Roadmap And Engages In €1 Billion Return To Shareholders – 2019/12/20 – Free

Accor S.A. Proposed Subordinated Bonds Rated 'BB' With Intermediate Equity Content – 2019/10/23 – US$ 150.00

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author

Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Accor S.A." Dec 18, 2020. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Accor-S-A-2597523>

APA:	S&P Global Ratings’ Credit Research. (). Accor S.A. Dec 18, 2020. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Accor-S-A-2597523>

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