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S&P cuts Cineworld
S&P said it downgraded Cineworld Group plc and its issue ratings to CCC+ from B.
“We expect that the majority of U.K.-based Cineworld Group plc's cinemas will remain shut at least until the middle of summer 2020 due to the Covid-19 pandemic, and we see a high level of uncertainty around how much cinema admissions will recover once cinemas reopen,” the agency said in a press release.
“Cineworld has weak liquidity, with current available resources only sufficient to cover its cash burn until the middle of summer 2020, and we expect that its liquidity will remain strained until the end of 2020,” S&P said.
The ratings remain on CreditWatch with negative implications.
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