Moody's trims Travel Leaders

Moody's Investors Service said it downgraded Travel Leaders Group, LLC's corporate family rating to Caa1 from B2, probability of default rating to Caa1-PD from B2-PD and its senior secured first-lien credit facility to Caa1 from B2. The agency also placed the ratings under review for further downgrade.

The downgrade to Caa1 CFR and review reflects severe disruptions within the global corporate and high-end leisure travel sectors from the coronavirus pandemic. The action also incorporates Moody's expectation Travel Leaders' operating results and liquidity will deteriorate materially in the near-term and considers uncertainty surrounding the longer-term economic outlook, the agency said.

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