MEXICO CITY (Standard&Poor's) Feb. 21, 2014—Standard&Poor's Ratings Services said today that its ratings and outlook on the Mexican hotel operator Grupo Posadas, S.A.B. de C.V. (Posadas; B/Stable/--) are not affected after it increased its senior notes due 2017 to $310 million (MXN4.1 billion) from $275 million (MXN3.6 billion) and reduced its senior notes due 2015 to $51.7 million (MXN690 million) from $83 million (MXN1.1 billion). Although the company's debt remained practically unchanged, we view this transaction as favorable as Posadas reduced its short-term debt, which now represents about 14% of total debt as of Sept. 30, 2013. For the same period, Posadas' cash position was $91.5 million (MXN1.2 billion). Therefore, we expect practically all of the
