On Jan. 7, 2009, Standard&Poor's Ratings Services affirmed its global scale ratings, including the 'BB-' long-term corporate credit rating, on hotel operator Grupo Posadas S.A.B. de C.V., and removed the ratings from CreditWatch, were they were placed with negative implications on Oct. 13, 2008. At the same time, we lowered the long-term Mexican national scale (CaVal) corporate credit rating to 'mxBBB+' from 'mxA-'. The outlook is negative. The affirmation followed completion of our review of Posadas' operating and economic prospects. The corporate credit rating on Posadas reflects its aggressive financial policy, the cyclical nature of the lodging industry, the company's geographic concentration in Mexico, and its relatively high debt leverage. These factors are partially offset by the company's
