Moody's revises Booking view to negative

Moody's Investors Service said it affirmed the A3 senior unsecured debt rating of Booking Holdings, Inc. and changed the outlook to negative from stable. The negative outlook reflects Moody's expectation

Booking will report significantly depressed operating results for at least the first half of 2020 combined with the uncertainties regarding the depth and duration of the severe disruptions across the global travel sector due to the coronavirus outbreak. Earlier this month, Booking withdrew financial guidance for the first quarter of 2020 as a result of the worsening impact of the outbreak on travel demand.

Moody's said it recognizes Booking's robust liquidity to manage elevated cash outflows and the ability to reduce expenses including performance marketing and branding. Moody's expects Booking will continue to demonstrate a conservative financial strategy.

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