Despite our expectation that EBITDA margins and debt to EBITDA will continue to be slightly below 20% and more than 5.0x, respectively, these metrics are still in line with our assessment of Mexican hotel operator, Posadas' "highly leveraged" financial risk and "fair" business risk profiles. We are affirming our 'B' ratings on the company and its debt and keeping the recovery rating on its debt at '3'. The stable outlook reflects our expectation that Posadas will maintain its favorable brand and market position in Mexico while improving its key credit metrics and cash flow generation. On Dec. 1, 2014, Standard&Poor's Ratings Services affirmed its 'B' corporate credit rating on Grupo Posadas (Posadas). We also affirmed our 'B' ratings
