74% OF HOSPITALITY SECTOR FACES NEGATIVE CREDIT PROFILE

According to ICRA, the second wave has derailed the industry's recovery by almost three quarters

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Three out of four companies in the hospitality sector have faced negative rating actions with respect to their credit profiles due to the pandemic’s impact, ICRA said in a statement. Since mid-April, pandemic-related lockdowns and restrictions by various states have severely affected the industry. There was increased wariness amongst guests to travel due to fear of infection.

We continue to maintain a negative credit outlook on the hospitality sector, as their credit profiles have weakened in the last 12- 15 months, with 74% of the entities faced negative rating actions, the rating agency said.

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