Adequate liquidity Position as the largest hotel operator in Mexico Diversified hotel portfolio with well-recognized brands Development of competitive advantage through technology Experienced management team Somewhat high financial leverage Cyclicality of the hotel industry Geographic concentration within Mexico Higher business risk On Feb. 3, 2006, Standard&Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating and its 'BB-' senior unsecured debt rating on Grupo Posadas S.A. de C.V. At the same time, Standard&Poor's affirmed its 'mxA-' national scale rating on the company. All ratings were removed from CreditWatch where they were placed with negative implications on Dec. 1, 2005, following the announcement that Posadas' bid for the acquisition of Grupo Mexicana de Aviación S.A. de C.V.
