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Starwood credit rating cut to junk by Fitch

February
4

Starwood Hotels & Resorts Worldwide Inc., hurt by a travel slowdown in weakening global economy, had its credit rating cut to junk by Fitch Ratings. The cut in the rating to BB+ from BBB- came after the White Plains-based operator of the Sheraton and Westin hotel chains last week said that profits fell 46 percent during the fourth quarter. Fitch said in a report that Starwood is suffering from “extremely limited operating visibility” in a deepening global recession that has caused business and leisure travelers to book fewer hotel stays.

This entry was posted on Wednesday, February 4th, 2009 at 5:24 pm by Jay Loomis. You can follow any responses to this entry through the RSS 2.0 feed.
Category: Credit

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Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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