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S&P cuts AVSC Holding
S&P said it lowered the ratings on AVSC Holding Corp. and its first-lien loans to CCC from B-. The agency also downgraded the second-lien loans to CC from CCC. S&P removed all the ratings from CreditWatch where they were placed with negative implications on March 16. The recovery ratings are unchanged.
“Hotel and convention center-based corporate and group events have ground to a halt since the beginning of the Covid-19 pandemic in the U.S. Therefore, AVSC’s revenue has declined substantially because the demand for its audiovisual services is directly tied to such events,” the agency said in a press release.
S&P said it forecasts AVSC reporting a 55%-65% decline in its total reported revenue for 2020.
The agency said it sees a default scenario is likely in the next 12 months.
The outlook is negative.
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