Mexican hotel operator Grupo Posadas sold 11 of its hotels to a real estate trust (FIBRA) for MXN1.5 billion. Also, the company issued an additional $50 million to its $225 million notes due 2017. With the proceeds of both transactions the company will continue paying debt. We are affirming our 'B' ratings on the company and keeping the recovery rating on its debt issues unchanged at '3'. The stable outlook reflects our expectation that the company will continue improving its capital structure and liquidity while reinforcing its good market position in Mexico. On Jan. 30, 2013, Standard&Poor's Ratings Services affirmed its 'B' global scale corporate credit rating on Grupo Posadas S.A.B. de C.V. (Posadas). We also affirmed our
