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S&P changes CAR view to negative
S&P said it revised the outlook for CAR Inc. to negative from stable and confirmed the B+ ratings on the company and its senior unsecured notes.
“We revised the outlook on CAR Inc. to negative from stable to reflect our view that the company's profitability will weaken further amid the Covid-19 outbreak, leaving limited interest coverage buffer over the next 12 months,” said S&P in a press release.
The agency forecasts CAR Inc.'s EBIT will decline by 20%-25% in 2020, and its interest coverage will decrease to about 1.3x in 2020, from about 1.4x in 2019.
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