S&P cuts HNVR Midco to CCC+

S&P said it downgraded HNVR Midco Ltd. (Hotelbeds) to CCC+ from B- and revised the outlook to negative from stable.

The downgrade reflects that, although the proposed debt offering will help the group's liquidity needs over the next few months, Hotelbeds' leverage will reach levels the agency considers unsustainable, S&P said.

“The negative outlook also reflects significant uncertainty related to the duration and severity of the COVID-19 pandemic, and the company's liquidity in the second half of the year, if trading levels are not restored sufficiently,” the agency said in a press release.

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