...- Accor delivered a strong operating performance in the first half of 2023, and we anticipate it will see sound summer trading in its main markets driven by sustained, solid leisure demand. - We expect credit metrics to return to pre-pandemic levels, with its S&P Global Ratings-adjusted leverage to reach 2.5x and funds from operations (FFO) to debt about 30% in 2023, compared with 3.3x and 24% in 2022. - While the group plans to resume dividend and share buybacks in the short term, we expect it will make financial policy choices enabling it to maintain credit metrics in line with an investment-grade rating. - We therefore raised our long- and short-term issuer credit ratings on Accor to '###-/A-3' from '##+/B'. - The stable outlook reflects our expectation that Accor will continue to deliver a sound operating performance in line with our base-case assumptions, such that we expect leverage to remain at about 2.5x and FFO to debt to about 30% in 2023 and 2024 and free operating cash flow...
