S&P pares Pugnacious Endeavors

S&P said it lowered its ratings for Pugnacious Endeavors Inc. and the company’s senior secured credit facility to B- from B. The agency also removed the ratings from CreditWatch with negative implications where they were placed on March 13.

“Most music concerts have been postponed with new show dates moved to the back half of 2020, while some sporting events have been canceled outright. Consequently, we anticipate negligible revenue generation for Pugnacious over the next few months as a result of minimal throughput on its secondary ticketing marketplace,” said S&P in a press release.

The agency said it the company’s organic revenues could fall by at least 25%-35% in 2020.

The outlook is negative.

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