S&P cuts Allegiant Travel

S&P said it downgraded its ratings for Allegiant Travel Co. to B from B+ and removed them from CreditWatch with negative implications. S&P put the ratings on watch on March 17.

“While Las Vegas-based Allegiant Travel Co. has engaged in various cash conservation initiatives and received liquidity support through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, we now expect its credit metrics to be sharply lower in 2020 than our previous expectation. We expect some improvement in 2021, although the extent is uncertain,” S&P said in a press release.

The outlook is negative.

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