Accor: S&P more confident on the debt after AccorInvest

S&P Global Ratings draws the consequences of the sale by Accor (PA:ACCP), the majority of its north pole real estate. The investment grade credit rating of the group is no longer under surveillance, said yesterday the credit rating agency.

S&P confirms in passing the note to ‘BBB-/A-3’ assigned to the debt of the group, which sold 55% of AccorInvest at 4.4 billion euros, in cash. The transaction is expected to be closed in the 2nd quarter.

‘The stable outlook (note) reflects our expectation according to which Accor is expected to finalize and manage the complex division of AccorInvest, to integrate (the australian group) Mantra, and to maintain a strong operational performance’, indicates a note.

The all-observing ‘a financial policy as rigorous as to the allocation of the proceeds of sale’, which is expected to include up to eur 1.35 billion of share repurchases during the next 24 months.

S&P had placed under surveillance the rating credit Accor after the announcement of the acquisition of Mantra, in October.

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