• OYO's credit rating has been downgraded by Fitch due to profitability concerns.

    4 June

One of the 'Big Three' credit rating agencies, Fitch Ratings, has lowered OYO parent Oravel Stays' rating from 'B' to 'B Minus.' OYO's long-term foreign and local currency issuer ratings (IDRs) have been downgraded by Fitch, which is concerned about the travel tech startup's profitability prospects. The firm has execution issues, according to the agency, due to a lacklustre recovery in travel demand in the price-sensitive countries where OYO operates.