S&P revises Franklin Ireland to negative

S&P said it revised the outlook for Franklin Ireland Topco Ltd., the parent of Planet, to negative from stable and affirmed the B rating on the company.

“Given the declining global tourism flow amid the coronavirus outbreak, we expect weaker credit metrics over the next 12 months, reducing the headroom under the rating. Planet's revenues are directly exposed to global tourism flows, especially visitors from the Asia-Pacific region (about a third of group revenue), with tourists from China generating about 16% of revenue in FY2019,” S&P said in a press release.

Prolonged duration of the outbreak could stall improvement in credit metrics, but S&P’s base case assumes recovery in 2021.

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