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S&P might trim Trader
S&P said it put the ratings of Trader Corp. on CreditWatch negative.
“The Covid-19 pandemic has resulted in a severe challenging environment for the automotive industry globally,” the agency said in a news release.
“The impact of social distancing along with looming risks of recession will likely lower auto sales, pressuring automotive advertising and auto dealers.”
The agency said the CreditWatch placement reflects uncertainty about the extent of the Covid-19 pandemic's impact on the company's EBITDA and cash flows.
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