Summary: InterContinental Hotels Group PLC

The ratings on U.K.-based hotelier InterContinental Hotels Group PLC (IHG) reflect Standard&Poor's Ratings Services' view of the group's "significant" financial risk profile and its "strong" business risk profile. IHG's "strong" business risk profile is underpinned by our opinion of its sizable and high-quality system of hotels targeting multiple price segments; its focus on less-capital-intensive forms of hotel tenure (with hotels operated principally through management contracts and franchises rather than being owned or leased); a fairly resilient business model in terms of free cash flow generation (as highlighted in the last recession); its strong presence in a diverse range of international markets; and its long-term relationships with a growing portfolio of third-party hotel owners. These factors are somewhat tempered

Summary