S&P trims Lindblad to B

S&P said it lowered its rating for Lindblad Expeditions Holdings Inc. to B from B+ and lowered all issue-level ratings on Lindblad to be in line with the lowering of the issuer rating.

“The downgrade to B reflects a significant spike in leverage in 2020 because of a temporary suspension of cruises into the third quarter and our view that leverage will likely remain elevated in the mid-6x area in 2021 even in our assumed recovery scenario. In our assumed containment scenario, we believe Lindblad can begin to recover starting at the end of the third quarter of 2020 and into 2021,” said S&P in a press release.

All ratings remain on negative watch.

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