...+ On March 29, 2019, gategroup Holding AG (gategroup) announced that private equity RRJ Capital, plans to acquire the group's entire ordinary share capital from HNA Group (HNA). + We view the proposed change of ownership as positive for the credit rating on gategroup, given that the current rating is constrained by its ownership by a weaker parent, HNA. + We are therefore placing our 'B-' issuer credit rating on gategroup on CreditWatch with positive implications with potential rating upside of up to three notches. + We aim to resolve our CreditWatch placement as soon as we have further clarity on gategroup's liquidity position and its post-acquisition capital structure, and also after we have assessed its strategy and financial policy under its new private equity ownership. + We note the acquisition is expected to close in April, but regardless we will update the CreditWatch as soon as possible and within three months....
