Fitch Ratings has downgraded Ascott REIT’s issuer default rating to 'BBB-' from 'BBB', with a stable outlook.
The downgrade reflects the impact of the coronavirus pandemic on Ascott REIT's credit metrics and a longer recovery path for global travel, hospitality and leisure, said the ratings agency.
“We forecast a slow demand recovery until 2022, when vaccination rates start to rise, and for global travel and lodging fundamentals to recover to pre-pandemic levels only after 2024, although some uncertainty remains”, it added.
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