S&P puts Clarion Events on watch

S&P said it placed its B- ratings for Clarion Events (Comet Bidco Ltd.) and its debt on CreditWatch with negative implications citing the effects of the coronavirus pandemic on travel and public events.

The CreditWatch placement reflects S&P’s forecast that Clarion's financial 2021 (ending Jan. 31, 2021) revenue and EBITDA will reduce, and adjusted leverage could temporarily rise to 8x-9x or higher from about 7x in financial 2020.

“We intend to resolve the CreditWatch once we can assess and quantify the effects of event cancellations on Clarion's earnings, cash flow generation and liquidity,” said S&P in a press release.

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