S&P cuts Franklin Ireland Topco

S&P said it downgraded Franklin Ireland Topco Ltd. (Planet) and its senior secured loans to B- from B.

“The Covid-19 pandemic will likely lead to much tougher trading conditions than we previously expected. The majority of Planet's revenue (93% of FY2019 revenue) is directly exposed to international travel. As such, the severe travel restrictions currently in place globally (to limit the spread of Covid-19) are expected to significantly reduce Planet's revenues,” said S&P in a press release.

S&P said it sees the pandemic peaking in June and then a slow recovery will start in the third quarter.

The outlook is negative.

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