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S&P removes Hyatt Hotels from watch
S&P said it affirmed its BBB- ratings on Hyatt Hotels Corp. and removed the ratings from CreditWatch where the agency placed them with negative implications on March 20.
“We affirmed our BBB- rating on Hyatt because it has strong liquidity to withstand the negative effects of the pandemic on business and group hotel demand and cash flow, and we believe its high-quality hotel portfolio will eventually recover,” the agency said in a press release.
In S&P’s updated base-case forecast, RevPAR will probably decline more in 2020 and recover more slowly in 2021 than the agency had previously assumed. However, S&P said Hyatt could reduce leverage below our 3.75x downgrade threshold by 2022.
The outlook is negative.
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