...+ France-based lodging group Accor S.A. announced the acquisition of Mantra, one of Australia's largest hotel and resort marketers and operators for a purchase consideration of A$1.3 billion (0.9 billion). + If the transaction closes as announced, barring any sale of AccorInvest in the meantime, we think it would cause Accor's adjusted leverage to exceed our targets for the current credit rating. + At the same time, Accor remains in discussions with potential investors for the sale of a majority stake in AccorInvest (Booster transaction), which would result in significant cash proceeds. However, the anticipated signing of this agreement has been delayed to year-end 2017 and, at this stage, there is no certainty an agreement will be reached. + We are placing our '###-/A-3' corporate credit ratings and '###-' and '##' issue-level ratings on Accor on CreditWatch with developing implications. + The CreditWatch developing placement reflects our view that, following the announced acquisition...
