Moody's downgrades Live Nation

Moody's Investors Service said it downgraded Live Nation Entertainment, Inc.'s corporate family rating to B2 from Ba3, probability of default rating to B2-PD from Ba3-PD, senior secured credit facilities ratings to B1 from Ba2, senior secured notes rating to B1 from Ba2, and senior unsecured notes ratings to B3 from B1.

Moody's also downgraded the company's speculative grade liquidity rating to SGL-2 from SGL-1.

"The downgrade of the CFR reflects expectations that the coronavirus pandemic will drive continued deterioration in the company's financial results and credit metrics due to suspension of live events," said Peter Adu, a Moody's vice president and senior analyst, in a press release.

"The downgrade of the SGL rating captures the company's cash burn," Adu added.

The outlook remains negative.

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