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S&P hikes Hyatt to investment grade
S&P said it raised its ratings for Hyatt Hotels Corp. and its senior unsecured debt to BBB- from BB+.
The upgrade to BBB– reflects a robust recovery in revenue and EBITDA in 2022 and our assumption that EBITDA may not be significantly lower in 2023 despite macroeconomic headwinds and planned asset sales, resulting in leverage sustained below 3.75x. The trailing 12-month S&P Global Ratings-lease-adjusted net debt to EBITDA of about 3.2x as of the third quarter of 2022 represents substantial deleveraging from the very high level of about 18x at year-end 2021,” the agency said in a press release.
S&P said it estimates Hyatt will lower its leverage further to 3x or below in 2023.
The outlook is stable.
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