Research Update: Grupo Posadas Downgraded To 'CC' From 'CCC+' And Placed On CreditWatch Negative On Default Certainty - S&P Global Ratings’ Credit Research

Research Update: Grupo Posadas Downgraded To 'CC' From 'CCC+' And Placed On CreditWatch Negative On Default Certainty

Research Update: Grupo Posadas Downgraded To 'CC' From 'CCC+' And Placed On CreditWatch Negative On Default Certainty - S&P Global Ratings’ Credit Research
Research Update: Grupo Posadas Downgraded To 'CC' From 'CCC+' And Placed On CreditWatch Negative On Default Certainty
Published Jun 26, 2020
4 pages (1525 words) — Published Jun 26, 2020
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Mexico-based lodging company, Grupo Posadas S.A.B. de C.V. (Posadas), announced yesterday it will miss its upcoming semiannual interest payment on its 7.875% senior unsecured notes due June 30, 2020 and won't pay it during the 30-day grace period, as stated in the indenture. On June 26, 2020, S&P Global Ratings owered its long-term global scale issuer credit and issue-level ratings to 'CC' from 'CCC+' on Posadas and its senior unsecured notes due 2022. We also placed ratings on CreditWatch with negative implications. The CreditWatch listing will be resolved after June 30, 2020, once the company formally defaults on its interest payment obligation and we lower ratings to 'D'. Posadas announced it has hired legal and financial advisors to review its

  
Brief Excerpt:

...Research Update: Grupo Posadas Downgraded To '##' From '###+' And Placed On CreditWatch Negative On Default Certainty...

  
Report Type:

Research Update

Ticker
POSADASA@MM
Issuer
Grupo Posadas S.A.B. de C.V.
GICS
Hotels, Resorts & Cruise Lines (25301020)
Sector
Global Issuers, Structured Finance
Country
Mexico
Region
Latin America
Format:
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Grupo Posadas Downgraded To 'CC' From 'CCC+' And Placed On CreditWatch Negative On Default Certainty" Jun 26, 2020. Alacra Store. May 09, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Grupo-Posadas-Downgraded-To-CC-From-CCC-And-Placed-On-CreditWatch-Negative-On-Default-Certainty-2469811>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Grupo Posadas Downgraded To 'CC' From 'CCC+' And Placed On CreditWatch Negative On Default Certainty Jun 26, 2020. New York, NY: Alacra Store. Retrieved May 09, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Grupo-Posadas-Downgraded-To-CC-From-CCC-And-Placed-On-CreditWatch-Negative-On-Default-Certainty-2469811>
  
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