NEW YORK (Standard&Poor's) Sept. 17, 2004--Standard&Poor's Ratings Services said today that it assigned its 'BB-' rating to Grupo Posadas S.A. de C.V.'s (Posadas) $150 million senior unsecured notes due 2011. Standard&Poor's also affirmed its 'BB-/Stable/--' corporate credit rating on the company. The issue proceeds will be used to repay existing indebtedness. The notes will be guaranteed jointly and severally by the main operating subsidiaries of Grupo Posadas, which altogether generated 74% of the 2003 EBITDA and had 95% of the total debt. "The rating on Posadas reflects its somewhat high financial leverage, cyclicality of the hotel industry, and geographic concentration within Mexico," said Standard&Poor's credit analyst Fabiola Ortiz. These factors are offset
