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Moody's affirms Wyndham Hotels ratings, revises outlook to stablefrom SNL Real Estate Daily Moody's affirms Wyndham Hotels ratings, revises outlook to stableByline: Karl Angelo Vidal Moody's affirmed the Ba1 corporate family rating and the Ba2 senior unsecured rating of Wyndham Hotels & Resorts and revised its outlook to stable from negative. The rating agency also affirmed the hotel franchising company's probability of default rating at Ba1-PD and senior secured bank credit facility at Ba1. Wyndham's speculative grade liquidity rating of SGL-2 remains unchanged. Moody's lodging analyst Pete Trombetta said the outlook revision was on the back of the rating agency's expectation that Wyndham's earnings will benefit from the surge in domestic leisure travel in the summer, enabling the company to return its debt/EBITDA to below its downgrade factor of 4.0x over the next 18 months. The hotel franchiser's reliance on leisure travelers for roughly 70% of its bookings, limited exposure to corporate business travel and group business and its strong presence in drive-to and suburban and small metro areas will help Wyndham continue to capitalize on the recovery in leisure travel, Moody's said. |
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