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Fitch upgrades Ryman
Fitch Ratings said it upgraded the issuer default ratings of Ryman Hospitality Properties, Inc. and its operating partnership, RHP Hotel Properties, LP (collectively RHP) to BB- from B+.
Fitch also affirmed RHP's senior secured debt at BB+/RR1 and upgraded RHP's senior unsecured debt to BB-/RR4 from B+/RR4. Fitch has also upgraded Aurora Convention Center Hotel LLC's senior secured debt to BB+/RR1 from BB/RR2.
“The upgrade and BB- IDR reflect meaningful improvement in RHP's leverage YTD due to a continued rebound in EBITDA. Fitch forecasts leverage will improve below 5x in 2022. This is a significant improvement considering 1Q22 results were still severely impacted by the impact of the Omicron surge on business travel. This compares to the issuer's financial policy of 4x-4.5x net leverage” Fitch said in a press release.
The outlook is stable.
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