S&P cuts Kuehg

S&P said it downgraded its ratings for Kuehg Corp. to CCC+ from B-.

“The global Covid-19 pandemic and expected broader economic downturn will likely negatively affect Kuehg's operations through at least the second half of 2020. The pervasive effect of reported center closures across the company's fleet will result in ongoing deterioration of credit metrics with each additional closure,” said S&P in a press release.

“Although there is high uncertainty about the duration and extent of the coronavirus outbreak, Kuehg's long-term financial commitments are unsustainable in the current environment,” S&P said.

The outlook is negative.

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