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S&P cuts Hoya Midco
S&P said it downgraded Hoya Midco LLC (Vivid Seats) and its senior secured credit facility to B- from B.
All the ratings remain on CreditWatch with negative implications, the agency said.
“We expect Vivid Seats to generate minimal revenue and substantially negative cash flows during the coronavirus outbreak as a result of cancelled and postponed live events. The majority of live music, sporting, and theater events over the next few months have been either canceled or postponed in response to the coronavirus outbreak,” said S&P in a press release.
The agency said in resolving the CreditWatch it will continue to monitor severity and duration of the coronavirus pandemic and its effect on the company.
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