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Published on 3/23/2020 in the Prospect News Investment Grade Daily.

Fitch revises Whitbread view to negative

Fitch Ratings said it revised Whitbread plc's outlook to negative from stable, while affirming the hotel group's long-term issuer default rating at BBB.

The outlook revision reflects the adverse economic disruption currently related to the global Covid-19 outbreak, with a severe impact on travel, hospitality and leisure activity. Fitch now assumes a sharp decline in demand in the second quarter, which will only slowly recover in the last quarter of the year.

“Fitch's current economic forecasts assume a harsh, but temporary decline, as containment measures around the globe are expected to halt the spread of the virus, with the economy being supported by concerted fiscal and monetary measures,” the agency said in a press release.


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