On July 2, 2008, Standard&Poor's Ratings Services affirmed its 'BB' long-term corporate credit and senior unsecured debt ratings on Grupo Posadas S.A.B. de C.V. We also affirmed our 'mxA' long-term national scale corporate credit rating on the company. The outlook is stable. The rating reflects the cyclical nature of the lodging industry and the company's geographic concentration in Mexico. These factors are offset by the company's consistent operating performance, manageable debt-maturity schedule, position as the largest hotel operator in Mexico, and diversified hotel portfolio with well-recognized brands. During the 12 months ended March 31, 2008, the company added 1,238 rooms by opening nine new hotels in Mexico, of which the company owns one and eight are under management
