Moody’s revises Ryman view to negative

Moody’s Investors Service said it revised the outlook of Ryman Hospitality Properties, Inc. to negative from stable. At the same time, Moody’s affirmed all the REIT’s ratings, including Ryman’s Ba3 corporate family rating and RHP Hotel Properties, LP’s B1 senior unsecured rating. Moody’s also assigned a speculative grade liquidity rating of SGL-3 to Ryman.

The negative outlook reflects Moody’s expectations travel restrictions across the United States related to the spread of the coronavirus will put significant pressure on Ryman’s earnings in 2020, the agency said.

“Additional travel restrictions likely to be put in place over the coming weeks will put further pressure on the REIT’s earnings. Moody’s notes that Ryman’s assets did not experience as dramatic a decline in RevPAR during the last downturn as other lodging properties due to the nature of its assets with longer booking windows and greater visibility into occupancy and staffing needs,” Moody’s said in a press release.

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