S&P trims Zephyr Midco

S&P said it downgraded its ratings for Zephyr Midco 2 Ltd. and its debt to B- from B.

“The downgrade reflects our expectation that the coronavirus pandemic and its effects on the economic environment will weigh on Zephyr's growth prospects and weaken its earnings and credit metrics in 2020,” said S&P in a press release.

The agency said it believes of the company’s two segments property searches will be mostly affected by pandemic because of recent directives to adhere to social distancing and stay-at-home. “Revenues from this segment represent around one-third of total revenues for Zephyr, and we expect them to decline by a mid-single-digit percentage in 2020,” S&P said.

The stable outlook.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.