S&P cuts GBT JerseyCo

S&P said it trimmed GBT JerseyCo Ltd. to B- from B and its financing unit GBT Group Services BV's senior secured debt to B- from B.

“We lowered our rating on GBT based on our expectations for a slower-than-expected recovery. GBT, the largest global business travel management company, has experienced a significant decline in its revenue since March 2020 because of the effects of the Covid-19 pandemic. As the global economy returns to growth in 2021 and vaccination rates, particularly in developed economies, gather pace, GBT is well positioned to benefit from a pick-up in travel volumes,” the agency said in a press release.

S&P said it sees GBT JerseyCo to keep generating significant negative EBITDA and negative free operating cash flow through the end of 2021, which would likely improve in 2022 but stay negative.

The outlook is negative.

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