NEW YORK (Standard&Poor's) July 15, 2004--Standard&Poor's Ratings Services said today it assigned its 'BB-' corporate credit rating to Mexican hotel operator Grupo Posadas S.A. de C.V. (Posadas). The outlook is stable. "The rating on Posadas reflects its position as the largest hotel operator in Mexico, a branding portfolio with well-recognized names, and the development of competitive advantage through technology," said Standard&Poor's credit analyst Fabiola Ortiz. "The rating also considers the relatively high financial leverage of the company, as well as the cyclicality of the industry in which it participates." Posadas operates 79 hotels with a total of 15,305 rooms as of March 2004. The company's operations are concentrated in Mexico (80% of rooms), where
