S&P cuts ASM Global Parent

S&P said it downgraded ASM Global Parent Inc. to B- from B and the rating on its senior secured credit facility to B from B+.

“We are downgrading ASM Global because we believe there will be a slower recovery in live events and now expect the company to sustain very high leverage through 2021. Nationwide restrictions on public gatherings and live events as well as consumer apprehensions around congregating in large groups continue to hinder ASM Global’s operations significantly,” S&P said in a press release.

“We expect that ASM’s leverage will likely spike to very high levels in 2020 and that the company’s leverage could remain very high through at least the end of 2021. Following a live events recovery beginning in the second half of 2021, we believe ASM could improve leverage to around 6x in 2022,” the agency said.

The outlook is negative.

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