...August 28, 2024 MADRID (S&P Global Ratings) Aug. 28, 2024--S&P Global Ratings today assigned its '##' issue rating to the proposed undated, noncall for six 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 we expect it to be up to 500 million. Accor plans to use the proceeds to refinance an equivalent amount of the hybrids it issued in October 2019, whose first call period will fall between Jan. 30, 2025, and April 30, 2025. The company has said that it might also repurchase some of these instruments via a tender offer, and we understand that it does not intend to permanently increase its stock of hybrids. After this refinancing and the liability-management transaction, we expect Accor's 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 the equivalent...
