The credit rating agencies are piqued by Hyatt's financial strategy to borrow to buy balance sheet goodwill and intangibles at any price and have downgraded Hyatt's bonds to noninvestment grade, junk.
The Bank of America analyst mused that the promise of future cash flow to pay for the privilege of writing down goodwill acquired today would be a bridge too far.
JP Morgan placed 7 million shares adding to the 100 million outstanding to polite applause getting out before the wind tunnel closed.
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