Fitch affirms Accor

Fitch Ratings said it affirmed Accor SA's BBB issuer default and senior unsecured debt ratings and F2 short-term rating following the company' announcement that it will buy back €500 million of shares over the next 12 months. The outlook is stable.

The agency said the buyback corresponds to the recent disposal proceeds of non-core assets that contributed little to the group's controllable cash flows. Fitch further said that it would be more "concerning" if Accor were to sell core hotel assets to finance share buybacks rather than to re-invest in the business.

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