Fitch revises Cassini outlook to negative

Fitch Ratings said revised Cassini SAS' (Comexposium) outlook to negative from stable; while affirming the company's long-term issuer default rating at B. Its senior secured instrument rating has been affirmed at B+ with a recovery rating RR3 indicating recoveries of 51% to 70%.

The outlook revision mirrors the risk of deterioration in Cassini's credit profile from business disruption due to the coronavirus pandemic over the following months from show cancellations, either in compliance with government regulations to contain the outbreak, or due to limited venue availability to accommodate rescheduling of shows to later in the year.

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