Accor : The IG rating in the firing line?
Accor was hit hard by the covid crisis for two years, but its financial position was protected by a highly comfortable liquidity position that helped it cope with the unprecedented business decline. With the recovery in travel and a resized cost structure, Accor has regained its ability to generate free cash flow and can resume deleveraging. Asset disposals could also accelerate the strengthening of credit ratios. - - >Support factors - - H1 22 was marked by a significa...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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