U.K.-based hotelier InterContinental Hotels Group PLC (IHG) plans to pay a $1 billion extraordinary shareholder return (comprising a $500 million extraordinary dividend and a $500 million share buyback program). In our view, the extraordinary shareholder return is likely to weaken IHG's credit metrics, but we anticipate that under our base-case scenario they will remain commensurate with the current rating. We are therefore affirming our long-term corporate credit rating on IHG at 'BBB'. The stable outlook reflects our view that IHG's credit measures will remain in line with the 'BBB' rating. LONDON (Standard&Poor's) Aug. 9, 2012--Standard&Poor's Ratings Services said today that it affirmed its 'BBB' long-term corporate credit rating on U.K.-based hotelier InterContinental Hotels Group PLC (IHG).
