Moody's cuts Radisson Hospitality

Moody's Investors Service said it downgraded to B3 from B1 the corporate family rating of Radisson Hospitality AB.

Concurrently, the agency downgraded the probability of default rating to B3-PD from B1-PD and the rating on its €250 million backed senior secured note due 2023 issued by Radisson Hotel Holdings AB was downgraded to B3 from B1.

The ratings remain on review for further downgrade.

“The rating action was prompted by the very sharp decline in occupancy in Q2 so far, driven by travel restrictions since the outbreak of coronavirus started during January 2020 with severe government measures restricting operations in many of Radisson's core countries. From a regionally contained outbreak, the virus has rapidly spread to many different regions severely denting air travel and the lodging sector,” Moody’s said in a press release.

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