Fitch affirms Orbis

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

According to Fitch, the rating reflects Orbis' prudent financial policy and strong position in the local hotel market balanced against its lack of geographical diversification, moderate size compared to its peers in the industry and sizeable capital expenditure program for 2007-2011.

The agency noted that the rating also considers the strong business relationship between Orbis and its strategic partner, Accor SA (rated BBB/stable outlook), but does not factor in any direct financial support from Accor.

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