S&P trims Traviata

S&P said it lowered Traviata BV and its debt ratings to B- from B.

“We anticipate that after its earnings declined due to the pandemic, operating performance at Traviata's sole asset Axel Springer SE (AS) will start to recover in 2021. Nevertheless, Traviata's S&P Global Ratings-adjusted leverage will remain elevated at 8x-8.5x in 2021,” S&P said in a press release.

The agency said it estimates AS' 2020 revenue will decline by 6.5%-8.5%, mainly because of a drop in revenue from classifieds operations and the news media segment. “Operations weakened because of the economic recession in AS' operating countries and tough trading conditions, exacerbated by the pandemic,” S&P said.

The outlook is stable.

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