On April 4, 2017, Mexico-based lodging owner/operator Grupo Posadas announced that it reached a tax settlement with the Mexican fiscal authority, including the recognition of certain tax payments due for the 2007-2013 period. Under the terms and conditions of this settlement, we don't expect a significant impact on Posadas' cash flow generation, liquidity, or its investment plans. We're affirming our 'B+' ratings on Posadas. The stable outlook reflects our expectations that Posadas will maintain a healthy operating performance that will mitigate pressures stemming from currency volatility in its debt profile, given that close to 25% of its revenues are dollar referenced. Therefore, we expect debt to EBITDA and EBITDA interest coverage close to 4.5x and 2.5x, respectively, for the next
