We understand that HNA Group has finalized its acquisition of Switzerland-based airline service provider gategroup Holding AG (gategroup). We view HNA as a strategic owner and consider the creditworthiness of the diversified, but highly leveraged, HNA group to be commensurate with a 'b+' group credit profile. We are therefore lowering our long-term corporate credit rating on gategroup to 'B+' from 'BB-' after applying our group rating methodology. We continue to assess gategroup's stand-alone credit profile (SACP) at 'bb-', reflecting the company's strong market position in airline catering, but also its exposure to the cyclical and competitive airline industry. The outlook is stable, reflecting our expectation that our group credit profile on HNA remains unchanged in the next 12 months. On
