Position as the largest hotel operator in Mexico; Diversified hotel portfolio with well-recognized brands; and Competitive advantage through technology. High financial leverage; Aggressive financial policy; Open derivative positions; Operation in the cyclical hotel industry; and Geographic concentration in Mexico. The 'B+' corporate credit rating on Grupo Posadas S.A.B. de C.V. reflects its aggressive financial policy, the cyclical nature of the lodging industry, the company's geographic concentration in Mexico, and its relatively high debt leverage. These factors are partially offset by the company's consistent operating performance, its position as the largest hotel operator in Mexico, and its diversified hotel portfolio, including well-recognized brands. During the nine months ended Sept. 30, 2009, Posadas's occupancy levels in owned and leased hotels was 52%,
