On Jan. 8, 2010, Posadas announced the successful placement of $200 million in senior unsecured notes, which we believe will improve the company's liquidity and maturity profile. We are revising the outlook on Posadas to stable from negative and affirming our ratings, including the 'B+' corporate credit rating, on the company, while revising the recovery rating on a portion of its senior unsecured debt to '4' from '3'. The outlook is stable, reflecting the improvement in the company's liquidity while also including our concerns about its open positions on derivative instruments. On Jan. 14, 2010, Standard&Poor's Ratings Services affirmed its ratings on Mexican hotel operator Grupo Posadas S.A.B. de C.V., including the 'B+' corporate credit rating. At the
