S&P places CWT on positive watch

S&P said it placed its ratings for CWT Group LLC, including the CCC+ issuer rating, on CreditWatch with positive implications.

The placement follows the news that CWT agreed to be acquired by Global Business Travel Group Inc. (Amex GBT) on a cash-and-stock basis. S&P rates Amex GBT B+.

S&P said it expects the combined company to have stronger creditworthiness than CWT alone.

“We expect to address the CreditWatch once we are confident the proposed transaction can achieve regulatory and other approvals to close in the second half of 2024. We will assess the combined company's business position, synergy opportunities and pro forma credit metrics as more information becomes available. If the deal does not proceed, we will review our ratings on CWT and likely remove them from CreditWatch,” S&P said in a press release.

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