Debt & Rating

A CLEAR VIEW OF OUR DEBT AND CREDIT PROFILE

Our Financing Policy

An internationally recognized signature allows Accor to raise various forms of financing, including through bond issues, private placements and bank loans. From time to time, the Group also takes advantage of market opportunities to raise financing in a given currency and at a given rate of interest and then use a swap to convert the facility into the currency and interest rate required to finance business needs. Generally, the Group’s policy is to finance its assets and operating requirements in the currency of the country concerned in order to create a natural hedge and avoid any currency risk. By using its subsidiaries’ surplus cash as well as the financial instruments described above, the Group is able to optimize the cost of its resources while reducing currency risks.

Accor began linking funding to its sustainability ambitions in July 2018, with a Sustainability-Linked Credit Facility indexing the margin to the Group’s emblematic Corporate Social Responsibility (CSR) commitments.

In October 2018, the Group took a step further by developing a Green Loan to finance the acquisition of its headquarters in Paris. This transaction was a forerunner as a framework was set and the building was HQE “Excellent”-certified, and Sustainalytics provided a positive Second Party Opinion (SPO).

In 2021, with the development of a Sustainability-Linked Bond Framework, Accor aimed at further align its business and funding strategy with its environmental and social commitments and values. The KPIs determined has been qualified as “very strong” and the Sustainability Performance Targets (SPTs) “highly ambitious” by Sustainalytics as the SPO.

On November the 18th 2021, Accor issued its inaugural Sustainability-Linked Bond (SLB) based on this framework. These bonds are indexed to the Group's greenhouse gas emission reduction targets of 25.2% for Scope 1 and 2 and 15.0% for Scope 3 by 2025 compared to 2019.

An internationally recognized signature allows Accor to raise various forms of financing, including through bond issues, private placements and bank loans.

From time to time, the Group also takes advantage of market opportunities to raise financing in a given currency and at a given rate of interest and then use a swap to convert the facility into the currency and interest rate required to finance business needs.

Generally, the Group’s policy is to finance its assets and operating requirements in the currency of the country concerned in order to create a natural hedge and avoid any currency risk.

By using its subsidiaries’ surplus cash as well as the financial instruments described above, the Group is able to optimize the cost of its resources while reducing currency risks.

Bond Issues

As of March 4, 2025, bond issues break down as follows:

Senior Bonds

Issue Date

Maturity

Coupon

Principal

Outstanding

Currency

February 2019

February 2026

1.750%

600M

600M

EUR

March 2024

March 2031

3.875%

600M

600M

EUR

March 2025

March 2033

3.500%

600M

600M

EUR

September 2025

September 2032

3.625%

500M

500M

EUR

Perpetual Bonds

Issue Date

Maturity

Coupon

Principal

Outstanding

Currency

October 2023

April 2029

7.25%

500M

500M

EUR

September 2024

September 2030

4.875%

500M

500M

EUR

Convertible Bond

Issue Date

Maturity

Coupon

Principal

Outstanding

Currency

November 2020

December 2027

0.700%

500M

500M

EUR

SLB Bond

Issue Date

Maturity

Coupon

Principal

Outstanding

Currency

November 2021

November 2028

2.375%

700M

700M

EUR

Accor experienced a significant return of business during 2021 following the relaxation of health-related restrictions. This change of business activity is reflected as an increase in emissions between 2020 and 2021. As business activity returns to 2019 levels, further emission increases are anticipated in 2022. Accor is investing heavily in new capabilities in the form of tools and resources to enable hotels to reduce emissions. The benefits of these capabilities will progressively reduce emissions over the coming years and enable the Group to achieve the published KPIs and targets.



Both scopes 1 & 2 and scope 3 emissions during 2021 are below the 2025 and 2030 emission reduction trajectory:

Scopes 1 & 2

2019

Base Year

2020

2021

Scope 1 & 2 KPI - Trajectory tCO2e ('000)

3,471

3,325

3,180

Status KPI

-

On Track

On Track

Scope 3

2019

Base Year

2020

2021

Scope 3 KPI - Trajectory tCO2e ('000)

3,255

3,170

3,087

Scope 3 KPI - Actual tCO2e ('000)

3,255

1,940

2,306

Status KPI

-

On Track

On Track

Accor's Credit Rating

Credit rating assess the credit worthiness of the Group and its ability to pay its debt. Accor is followed by the credit rating agencies Standard & Poor’s and Fitch Rating which assign to Accor the following rating:

Long Term Rating

Outlook

Last Review

Standard & Poor's

BBB-

Stable

September 12, 2023

Fitch Rating

BBB-

Positive

March 28, 2024

Financial Operations

Documentation related to Bond Issues

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