S&P puts Pugnacious on watch

S&P said it placed its ratings for Pugnacious Endeavors Inc., including the B issuer credit rating on the company, on CreditWatch with negative implications.

The CreditWatch placement reflects the company's exposure to canceled or postponed live events due to the ongoing Covid-19 pandemic. The company depends on the robust demand for sporting, music and theater events so that consumers continue to use its secondary ticketing platform to gain access to these live events, the agency said.

“In resolving the CreditWatch, we will determine to what extent Covid-19 affects the company's revenue growth, expected leverage, cash flow generation and liquidity,” said S&P in a press release.

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