The lodging industry is facing unprecedented declines in revenue from travel restrictions, booking cancellations, and deferrals stemming from the coronavirus pandemic. Mexico-based lodging company, Grupo Posadas S.A.B. de C.V., will face extraordinary pressures on its operations at least during the second quarter of 2020, and weak recovery prospects for the rest of the year. Despite extraordinary measures announced by the company on March 23, 2020, we believe its operations and liquidity remain highly vulnerable to failure to contain the spread of coronavirus, while also dependent upon improvement in business and economic conditions. Under such circumstances, Posadas' financial commitments appear to be unsustainable in the medium term. On March 25, 2020, S&P Global Ratings lowered its long-term global scale issuer credit
