S&P: Avison Young view now negative

S&P said it revised its outlook on Avison Young (Canada) Inc. to negative from stable and affirmed the B+ issuer credit rating.

At the same time, S&P also affirmed the issue rating on Avison Young's senior secured notes at B+. The recovery rating of 3 remains unchanged. The 3 recovery rating indicates an expectation of meaningful recovery (60%) of principal in the event of a payment default.

S&P said the negative outlook reflects Avison Young's continued International Financial Reporting Standards operating losses, weaker-than-peer EBITDA margins and risks to the firm's active merger and acquisition strategy.

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