S&P revises Q-Park Holding I view to negative

S&P said it revised the outlook for Q-Park Holding I BV to negative from stable and affirmed its BB- ratings for the company.

“Noting the uncertainties around Covid-19, we forecast S&P Global Ratings-adjusted EBITDA to decline by 35% in 2020 followed by a two-year recovery,” S&P said in a press release.

“Specifically, we forecast Q-Park's S&P Global Ratings-adjusted debt to EBITDA might rise above 9x on average over the next three years absent any further mitigating actions. This would no longer be commensurate with the BB- rating,” the agency said.

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