Moody's upgrades NH Hotel

Moody's Investors Service said it upgraded to B2 from B3 the corporate family rating of NH Hotel Group SA, its probability of default rating to B2-PD from Caa1-PD, and to B1 from B2 the instrument rating of the company's €400 million of senior secured notes due 2026.

"The upgrade of NH Hotel's ratings reflects the better-than-expected improvement in its key credit metrics. Throughout 2022, NH Hotel' revenue per available room (RevPAR) improved significantly to €74.4, well above our previous expectations, while profitability is almost back to 2019 level with an EBITA margin of 15%. In addition, NH Hotel has significantly reduced its financial debt so that NH Hotel's leverage is back to pre-pandemic level," said Elise Savoye, CFA, a Moody's vice president, senior analyst and lead analyst for NH Hotel, in a press release.

The agency noted 2023 revenues booked as of March 12 were €830 million revenues booked, thanks to a strong first quarter, versus €470 million as of the same data last year, but it sees RevPAR growth as moderate in 2023 and 2024.

The outlook remains stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.