S&P trims TUI

S&P said it downgraded TUI AG and its debt to CCC+ from B-.

“We expect a steep contraction in demand for international holiday travel following the outbreak of Covid-19 will cause an up to 50% decline in TUI AG’s revenue in 2020 and a 20%-30% decline in 2021, compared with €19 billion in 2019,” said S&P in a press release.

The outlook is negative.

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