...+ Mexico-based lodging company Posadas continues to post a steady operating and financial performance, while implementing its medium-term expansion plan with financial discipline. + However, we expect the company's deleveraging in 2018 and 2019 to be slower than we had originally expected due to the current exchange rate volatility and several external factors that have recently soften Posadas' top-line results. + Therefore, we're revising our outlook on Posadas to stable from positive, and affirming our 'B+' issuer credit and issue-level ratings on the company. + The stable outlook reflects our expectations for a slower deleveraging, with debt to EBITDA and EBITDA interest coverage to remain close to 4.0x and 3.0x, respectively, in 2019. We consider that our updated forecast is exposed to an uncertain business environment in Mexico that could affect the company's credit metrics beyond our expectation, preventing us from maintain the positive outlook on Posadas....
