Fitch affirms Orbis

Fitch Ratings said it affirmed the national long-term rating of Orbis SA at BBB+(pol). The outlook remains stable.

Fitch said the affirmation reflects Orbis' leading, albeit deteriorating, position in Poland's increasingly competitive hotel market, its moderate financial leverage, its above average business risk and the increasing profit contribution from the more stable and less competitive two-star hotel segment.

Fitch said it regards Orbis's business risk as above average given its significant exposure to the volatile and competitive three-star and four-star segments, combined with its high operational leverage.

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