S&P's Accor ratings unaffected

Standard & Poor's said the announcement by Accor SA (BBB/negative/A-3) that it plans to buy back €500 million of its own shares does not affect the ratings or outlook on the company. The share buybacks will be executed over the next 12 months and will be funded from the group's cash balances, which stood at €2.3 billion on Dec. 31. S&P said the effect of the planned share buybacks on the group's cash is expected to be mostly offset by Accor's recent sale of its noncore stakes in Compass Group plc and Carlson Wagonlit Travel for a combined €485 million.

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