Fitch affirms Orbis

Fitch Ratings said it affirmed Orbis SA's national long-term rating at BBB+(pol) with stable outlook.

The rating reflects the Orbis group's moderate financial policy, below-average business profile for a hotel company and sizeable capital expenditure program for 2007-2011, Fitch said.

The rating also reflects the strong business relationship between Orbis and its strategic partner, France's Accor SA (rated BBB with stable outlook), the fourth-largest hotel group in the world. However, the rating does not factor in any direct financial support from Accor, Fitch said.

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