Fitch: Accor investment slightly positive

Fitch Ratings said Accor SA's announced €1 billion Colony investment, including a €500 million equity injection, coupled with its fiscal year 2004 results, are slightly positive for its credit profile.

Fitch said the group has also adapted its funding and operating model to the risk profile of its hotels.

Fitch said it still expects an improvement in credit ratios in fiscal year 2005 and beyond, compared with its current financial profile, which remains stretched after successive years of a downturn in the global hotel sector.

Accor is rated senior unsecured BBB+ with a stable outlook and short-term F2.

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