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S&P downgrades Carlson Travel
S&P said it lowered its issuer credit rating on Carlson Travel Inc. to CCC from B- and removed all ratings from CreditWatch, where S&P placed them with negative implications on March 13.
At the same time, S&P lowered the issue-level rating on the company's senior secured notes to CCC from B- and the issue-level rating on its senior notes to CC from CCC. The recovery ratings are unchanged.
The outlook is negative.
“The rating actions reflect our view that Carlson Travel will generate negative EBITDA in 2020, its liquidity will likely be constrained, and we expect that the company could pursue a debt restructuring within the next 12 months due to the impact of the pandemic on global travel,” S&P said in a news release.
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