The first minister says sectors that use large amounts of energy, including steel and IT, have warned him they are struggling with rising bills.
Mrs Merkel rejects such a blanket wage policy, saying sectors should decide individually whether to opt for a minimum wage settlement.
S&P rates 1,270 revenue bonds in the sector and says its sector common rating is A+ with a generally stable outlook.
He said the sector would rebound when earnings improved.
But Ms. Cockerell of the World Travel and Tourism Council said the sector still had room to grow.
Even South Africa's tourism minister has said the sector's huge benefits could melt away.
And no one reading that statement should overlook that he said "private sector".
Williamson said: The sector will act as a severe drag on economic growth.
She said private sector creditors should also reduce the interest rate on Ukrainian sovereign bonds.
Ivy Zelman, an analyst at Credit Suisse First Boston in New York, said the sector was undervalued.
