S&P downgrades Ticketek

S&P said it downgraded Ticketek (TEG Pty Ltd.) to B- from B.

The agency also lowered the rating on the company’s $285 million first-lien term loan B (consisting of a $205 million tranche and an A$118.2 million tranche) to B- from B with a recovery rating of 3 and lowered the rating on TEG’s $100 million second-lien term loan B to CCC from CCC+ with a recovery rating of 6.

“We lowered the ratings to reflect TEG’s substantially lower revenue generation amid restrictions placed on nonessential indoor crowd attendances and postponements of major sporting and artist events in Australia and New Zealand,” S&P said in a press release.

The outlook is negative.

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