News Formal

S&P downgrades Accor to junk as virus upends hospitality industry

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 63%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

The cut to BBB- with a negative outlook is set to cost the company tens of millions of euro in additional interest payments

S&P Global Ratings. Picture: REUTERS/BRENDAN MCDERMID

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 means Accor’s interest bill will rise by about €82m over the period, according to Reuters’ calculations; a figure the company confirmed was broadly accurate.

The number of companies or countries at risk of having their credit ratings cut has been pushed to an all-time high by the pandemic, an S&P Global analysis showed in May.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

MARKET WRAP: Surging gold miners pull JSE higherSome hospitality stocks climb on eve of move to level 2 of the lockdown
Source: BDliveSA - 🏆 12. / 63 Read more »

No downgrades expected for banks after earnings seasonFitch says SA banks are being prudent by taking severe provisions for expected bad debts upfront
Source: BDliveSA - 🏆 12. / 63 Read more »