Accor has been downgraded to junk status by ratings agency S&P Global, a decision set to cost the company around 30 millions euros in additional ...
Accor has been downgraded to junk status by ratings agency S&P Global, a decision set to cost the company around 30 millions euros in additional interest payments, as travel restrictions dim the outlook for the operator of Ibis and Sofitel hotels.
The decision strips Accor of its investment grade status, even though it has a BBB- rating with Fitch, and means it will have to pay additional interest on some of its debt. This will mean Accor's interest bill will rise by around 30 million euros, most of which will occur in 2022, she said.It is not unusual for companies to include coupon step-ups to placate investors worried about a downgrade to junk, which can cause bonds to fall in value as they are booted out of widely-tracked investment-grade indices.
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