Avison Young (Canada) Inc. Outlook Revised To Negative On Weak Operating Performance; Ratings Affirmed At 'B-'

Avison Young reported weaker-than-expected operating performance in 2020 due to COVID-19. EBITDA cash interest coverage fell to 0.1x in 2020 from 1.2x in 2019, which is lower than our previously cited threshold for a downgrade. As a result, we revised the outlook on Avison Young to negative from stable and affirmed our 'B-' issuer credit and issue ratings. The negative outlook reflects our expectation that over the next 12 months, EBITDA coverage of cash interest will be 0.5x-1.0x and that Avison Young will retain adequate liquidity. NEW YORK (S&P Global Ratings) March 31, 2021--S&P Global Ratings said that it revised the outlook on Avison Young (Canada) Inc. to negative from stable. We affirmed our 'B-' issuer credit rating on the

...March 31, 2021 - Avison Young reported weaker-than-expected operating performance in 2020 due to COVID-19. - EBITDA cash interest coverage fell to 0.1x in 2020 from 1.2x in 2019, which is lower than our previously cited threshold for a downgrade. - As a result, we revised the outlook on Avison Young to negative from stable and affirmed our 'B-' issuer credit and issue ratings. - The negative outlook reflects our expectation that over the next 12 months, EBITDA coverage of cash interest will be 0.5x-1.0x and that Avison Young will retain adequate liquidity. NEW YORK (S&P Global Ratings) March 31, 2021--S&P Global Ratings said that it revised the outlook on Avison Young (Canada) Inc. to negative from stable. We affirmed our 'B-' issuer credit rating on the company. At the same time, we affirmed our 'B-' rating on the C$406 million (US$325 million) first-lien term loan due 2026. The '3' recovery rating indicates our expectation of a meaningful (55%) recovery in an event of default. The outlook...

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