U.K.-based hotelier InterContinental Hotels Group PLC (IHG) continues to maintain its strong cash position and a long-term debt maturity profile, and we consider that its sources of liquidity will substantially exceed its uses of funds over the next two years. We are therefore revising our assessment of the company's liquidity to strong from adequate. At the same time, we are affirming our 'BBB' corporate credit and issue ratings on IHG. The stable outlook reflects our view that IHG will achieve low-single-digit percentage growth in global revenue per available room, and maintain solid profit margins in the next two years. We anticipate that this will be supported by IHG's strong brands and the expanding pipeline of new hotels. On July 19,
