MEXICO CITY (Standard&Poor's) Jan. 13, 2005--Standard&Poor's Ratings Services today affirmed its 'BB-' local and foreign currency corporate credit ratings on Grupo Posadas S.A. de C.V. (Posadas). The outlook remains stable. At the same time, the rating on Posadas' 8.75% senior unsecured notes due 2011 was also affirmed at 'BB-' following the reopening of the notes, whereby they were increased by US$50 million for a total outstanding amount of US$200 million. "The rating on Posadas reflects its somewhat high financial leverage, the cyclicality of the hotel industry, and geographic concentration within Mexico," said Standard&Poor's credit analyst Fabiola Ortiz. "These factors are offset by the company's position as the largest hotel operator in Mexico, a diversified
