Orascom Hotel Holding (OHH) reported net losses of 39.6 million Egyptian pounds ($6.4 million) for fiscal year 2002 compared to EP 28.9 million during the same period during the previous year, a 37 percent increase in losses, reported CASE.
OHH received a National Senior Unsecured debt rating of 'B (egy)' Rating Outlook Negative for its 100 million Egyptian pound ($17.35 million) semi-annual bond issue from Nile Rating, a member of international rating agency Fitch Ratings in April.
The rating reflected the company's weak financial performance, especially the deterioration in coverage ratios, although the whole tourism sector is experiencing an unfavorable operating environment. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
