S&P changes Avaloq view to negative

S&P said it revised the outlook for WP/AV CH Holdings II BV (Avaloq) to negative from stable.

“Macroeconomic headwinds relating to the Covid-19 pandemic and higher exceptional costs than we expected will push Avaloq's adjusted leverage close to 10x in 2020, but we expect it to fall to 7.5x in 2021 as the economy recovers,” S&P said in a press release.

The agency affirmed the B ratings on Avaloq and its senior secured debt.

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