Accor : Accor is Investment Grade again
A year ago in our last report, we upgraded our Credit Opinion to Positive and recommended buying the ACFP 28 bonds and Perp.Call 24 and Perp.Call 25 hybrid notes on the grounds that Accor was capable of restoring an Investment Grade profile by end-2023, early 2024. This has happened a little sooner than we expected since its credit rating has been upgraded by Fitch in April, then by S&P in September. Having now restored a satisfactory credit profile, Accor is obviously set to foc...Accor is a hotel operator. Co. offers its guests and partners the expertise of a hotel operator and brand franchisor (HotelServices) and a hotel owner and investor (HotelInvest). Co. divides its activities into three segments: Luxury-upscale, Midscale and Economy. Luxury-upscale makes up 11% of Co.'s portfolio and comprises brands such as Sofitel, Pullman, MGallery, and Grand Mercure; Midscale makes up 43% of its portfolio and comprises the Novotel, Suite Novotel, Mercure and Adagio brands; and Economy makes up 46% the Co.'s portfolio, comprising the brands ibis, ibis Styles, ibis budget and hotelF1. At Dec 31 2013 Co. operated around 3,600 hotels and 460,000 rooms in 92 countries.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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