S&P puts Getty Images on watch

S&P said it placed its ratings for Getty Images Inc., including the B- issuer credit rating, on CreditWatch with negative implications.

“We believe that event cancellations and continued weakness in economic conditions could cause Getty's 2020 leverage to remain above 9x, compared to our previous forecast of about 7.5x, and free operating cash flow will likely decline below our previous forecast of $60 million-$70 million,” said S&P in a press release.

In resolving the CreditWatch, S&P said it will determine to what extent the Covid-19 outbreak affects the company's revenue and earnings, including the potential for further delays and disruptions of major events later in the year, including the Olympics.

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