S&P changes American Greetings view to negative

S&P said it revised the outlook for American Greetings Corp. to negative from stable, citing restrictions on social gatherings, high unemployment and store closures.

“We expect a moderate impact from the postponement or cancellation of weddings, graduation parties and other events, but we believe the biggest risk is a lack of birthday parties because birthday cards make up more than half of total greeting cards sold at retail, and about one-third of these cards are typically delivered in person (according to the Greeting Card Association),” S&P said in a press release.

S&P affirmed American Greetings’ B issuer rating.

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