S&P lowers Lindblad Expeditions

S&P said it lowered its ratings for Lindblad Expeditions Holdings Inc. and the company’s issue ratings to B from B+. Concurrently, S&P removed the ratings from CreditWatch, where they were placed with negative implications on March 18.

“The downgrade reflects elevated leverage through 2021 stemming from an extended suspension of sailings and the possibility demand will be weak once sailings resume because of ongoing travel fears, restrictions, and weak macroeconomic conditions. We forecast that Lindblad's credit measures will remain very weak through 2021 and anticipate adjusted leverage may be above 9x in 2021,” S&P said in a press release.

The agency said it forecasts the company’s liquidity is sufficient to fund its cash needs through 2021.

The outlook is negative.

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