S&P cuts Mavis Tire

S&P said it downgraded all its Mavis Tire Express Services Corp. ratings to B- from B.

“The downgrade reflects our belief that the travel restrictions and reduced service center operations will materially weaken Mavis' operating performance this year. Despite its status as an essential service, which allows the company's stores to remain open amid widespread mandated retail closures, we anticipate that its revenue will decline by the low-double-digit percent area in 2020,” said S&P in a press release.

The outlook is negative.

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