Moody's downgrades Dufry

Moody's Investors Service said it downgraded Dufry AG's corporate family rating to Ba3 from Ba2 and its probability of default rating to Ba3-PD from Ba2-PD. Concurrently, Moody's downgraded to Ba3 from Ba2 the backed senior unsecured ratings of Dufry One BV. The outlook has been changed to ratings under review.

The spread of the coronavirus, deteriorating global economic outlook, falling oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented, the agency said.

Passenger airlines have been significantly affected by the shock given their exposure to travel restrictions and sensitivity to consumer demand and sentiment.

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