Moody's reviews Lindblad for downgrade

Moody's Investors Service said it placed the ratings of Lindblad Expeditions, LLC on review for downgrade including its B1 corporate family rating, B2-PD probability of default rating and its B1 senior secured rating.

"The review for downgrade is prompted by soft booking trends and increased cancellations related to the global spread of the coronavirus (Covid-19)," stated Pete Trombetta, a Moody's lodging and cruise analyst, in a press release.

"While the cruise industry has seen past cyclical downturns including recession and terrorist attacks, Covid-19 will pressure the cruise companies' earnings and liquidity to a degree we haven't seen before," added Trombetta.

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