Fitch turns Sani Ikos view to negative

Fitch Ratings said it revised Sani/Ikos Group SCA's outlook to negative from stable and affirmed the hotel operator's long-term issuer default rating at B- and its 2026 senior secured notes at long-term B- with an RR4 recovery rating.

“It has a weaker financial profile than peers', with free cash flow (FCF) consistently under pressure from an increasingly intensive, but partly discretionary, capex program over 2022-2026. However, we see scope for the company to delay new projects in the event of a material slowdown of internal cash flow generation,” Fitch said in a press release.

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