Fitch affirms Orbis

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

The outlook remains negative.

Fitch said it continues to be more cautious than the company about expectations for EBITDA and cash flow from operations generation at Orbis' hotel division over the next two years.

Orbis' transportation and travel business may also be affected by anemic demand, volatile oil prices and the volatile exchange rate, the agency said.

Orbis benefits from its strong position in the local hotel market and the strong business relationship with its strategic partner, France's Accor SA (BBB-/stable), the agency noted.

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