S&P lowers Elior

S&P said it lowered its ratings for Elior Group and its senior secured loans to BB- from BB.

“Pandemic-related lockdown and social-distancing measures hurt Elior’s operating performance more than we initially anticipated in fiscal 2020, and we do not expect any significant recovery in fiscal 2021. On the back of a challenging operating environment, with closures and work-from-home initiatives at a majority of its education, business, and industrial sites since the first lockdown, Elior’s revenue dropped 19% in fiscal 2020 year on year,” S&P said in a press release.

Given that widespread immunization might only be achieved by September 2021, the end of Elior’s fourth quarter, in most of the group’s countries, the agency said it does not see any material improvement in the group’s operating environment this year.

The outlook is negative.

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