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S&P revises Avison Young (Canada) view to negative
S&P said it revised the outlook on Avison Young (Canada) Inc. to negative from stable and affirmed the B- issuer credit rating on the company.
At the same time, S&P affirmed its B- rating on the C$406 million (US$325 million) first-lien term loan due 2026. The 3 recovery rating indicates an expectation of a meaningful (55%) recovery in an event of default.
The outlook revision follows reduced earnings and falling EBITDA coverage of cash interest due to the effects of Covid-19 on operating performance, S&P said in a news release.
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