We have revised down the group credit profile (GCP) of the diversified, but highly leveraged, Chinese conglomerate HNA Group, the strategic owner of gategroup Holding AG, to 'b' from 'b+'. The revision reflects significant debt maturities and tightening liquidity at HNA Group. While HNA Group continues to access the debt market, its cost of funding has materially increased from a year ago. Despite its solid operating performance, we are downgrading gategroup to 'B' from 'B+' as part of our reassessment of HNA Group's GCP. At the same time, we are revising gategroup's stand-alone credit profile (SACP) to 'bb' from 'bb-' due to improving credit measures and better visibility about the near-term sustainability of this improvement. The outlook is stable, reflecting
