S&P puts Ryman on watch

S&P said it placed Ryman Hospitality Properties Inc.’s ratings on CreditWatch with negative implications citing cancellations related to the coronavirus outbreak.

Ryman disclosed that fears related to the coronavirus led to the cancellation of about 77,000 net room nights in its hospitality business during the week ended March 7. These cancellations represent about $40 million of lost revenue, which the company will partially offset by collecting about $19 million of cancellation fees. About three-quarters of the cancellations were for March and the remainder for April.

“We plan to resolve the CreditWatch listing once we can assess the duration and pace of Ryman's group room night cancellations and their likely impact on the company's revenue, EBITDA and leverage,” said S&P in a press release.

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