...October 2, 2023 PARIS (S&P Global Ratings) Oct. 2, 2023--S&P Global Ratings today assigned its '##' long-term issue rating to the proposed undated, non-call 5.5 years, optionally deferrable, and deeply subordinated hybrid notes to be issued by Accor S.A. (###-/Stable/A-3). The size of the hybrid issuance remains subject to market conditions but is expected to be up to 500 million. Accor plans to use the proceeds to refinance an equivalent amount of the hybrids it issued in January 2019 whose first call period is Jan. 31, 2024, to April 30, 2024. The company has said it might also repurchase some of these instruments via a tender offer, and we understand it does not intend to permanently increase its stock of hybrids. After this replacement and liability-management transaction, Accor expects its hybrid portfolio to be similar in size to the current total of about 1 billion. We expect to assess the new issuance as having intermediate equity content and an equivalent amount of the outstanding...
