Business in the Burbs

Starwood credit rating cut to junk by Fitch

February

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

Print | Email

It is a condition of your use of the comment features associated with the blogs that you do not: Use the site to post or transmit any unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane or indecent information of any kind, including without limitation any transmissions constituting or encouraging conduct that would constitute a criminal offense, give rise to civil liability or otherwise violate any local, state, national or international law. You alone are responsible for the material you post or send. Refer to the Terms of Service.