Fitch lowers Accor view to stable

Fitch Ratings said it revised Accor SA's outlook to stable from positive and affirmed its long-term issuer default rating and long-term senior unsecured rating at BBB-.

The outlook revision reflects a view that Accor's transformation process to a pure asset-light hotel operator and the resulting deleveraging path will take longer than previously anticipated, Fitch said.

The ratings reflect the gradual successful implementation of an asset-light resilient business model, improved geographical reach and diversification of services, the agency said.

The intense mergers and acquisitions plan recently deployed, together with the new marketing initiatives, should lead to a fee-generative resilient business with minimal capital expenditure and well-diversified footprint, Fitch said.

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