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S&P cuts HNVR
S&P said it downgraded HNVR Midco Ltd. (Hotelbeds) and its debt to B- from B, citing its forecast that leverage will remain high in 2020.
“The downgrade reflects our view that, contrary to our previous expectations, Hotelbeds’ leverage will not materially reduce in the financial year (FY) ending Sept. 30, 2020, and S&P Global Ratings-adjusted debt to EBITDA will remain high at about 7.8x-8.3x,” said S&P in a press release.
Hotelbeds’ leverage rose significantly because of a debt-financed dividend to its private-equity owners, while the company was integrating two acquisitions made in 2017-2018, S&P said.
The outlook remains stable.
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