September 27, 2013 / 8:24 AM / in 4 years

RPT-Fitch affirms Orbis at 'BBB+(pol)'; withdraws rating

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Sept 27 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has affirmed and simultaneously withdrawn Orbis’s National Long term rating at ‘BBB+(pol)’ with a Stable Outlook.

Fitch has withdrawn the rating as Orbis has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Orbis.

Orbis is Poland’s largest hotel company with 61 hotels under Accor and Orbis brands and operations spanning upscale, mid-scale and economy segments. The company is controlled by Accor SA (BBB-/Stable) who owns 52.7% of Orbis’s shares as of 30 June 2013.

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