S&P puts GBT III on watch

S&P said it placed all its ratings on GBT III BV, including the B+ issuer rating, on CreditWatch with negative implications.

The CreditWatch placement reflects GBT's vulnerability to declining demand for air travel and hotels due to the Covid-19 pandemic and the limited information on how widespread and drawn out the impact will be. Companies have increasingly imposed restrictions on their employees' nonessential travel throughout February and March, which has led to the cancellation or postponement of numerous conferences in the first quarter, S&P said.

In resolving the CreditWatch placement, S&P said it will evaluate the cash flow and leverage expectations for GBT as new information emerges regarding the spread of Covid-19 and its impact on global business travel and the broader economy.

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