S&P downgrades Apcoa Parking

S&P said it downgraded Apcoa Parking Holdings GmbH and its senior secured facilities to B from B+, citing reduced business at its garages because of the pandemic.

“As a result of the anticipated weaker performance, we expect Apcoa to have limited headroom under its financial covenants in the second half 2020, resulting in an increased risk of a breach if lower activity levels persist. Our expectations of lower revenue and EBITDA are also likely to result in tighter covenant headroom in second-half 2020,” said the agency in a press release.

The outlook is stable.

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