Fitch downgrades Accor

Fitch Ratings said it downgraded Accor SA's senior unsecured rating to BBB from BBB+ and affirmed the short-term rating at F2.

The outlook remains stable.

The rating action reflects Fitch's view that Accor's financial profile will be more in line with a BBB rather than a BBB+ rating over the medium term. Credit metrics, which are currently below peers rated at the same level, are expected to improve only gradually during the market recovery.

Accor remains committed to expansion implying a steady increase in capital expenditure, which will be not fully funded by internal cash flow generation, excluding asset disposals and after dividends, the agency said.

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