We have completed a review of Switzerland-based airline service provider gategroup Holding's likely new owner, China-based privately-owned HNA Group. The creditworthiness of the diversified but highly leveraged HNA Group, which we consider to be commensurate with a 'b+' group credit profile, will likely prompt us to downgrade gategroup once the acquisition is completed, following expected clearance by the relevant authorities. We are consequently keeping our 'BB-' rating on gategroup on CreditWatch negative. The CreditWatch placement reflects the likelihood that we could lower our corporate credit rating on gategroup to 'B+' if the transaction closes as we expect. On Nov. 29, 2016, S&P Global Ratings maintained its 'BB-' long-term corporate credit rating on Switzerland-based airline solutions provider gategroup Holding AG on
