The downturn in the international aviation market associated with COVID-19 will affect Mexican air carrier Aeromexico's revenues and cash flow generation, resulting in much weaker credit metrics in 2020 relative to our previous expectations. Although Aeromexico is taking measures to manage the impact of reduced demand for global air transport, we believe it's unlikely that it will be able to fully offset the cash flow impact of the lower travel demand. As a result, we see an increasing likelihood that cash flow generation will weaken and leverage will remain elevated in 2020. On March 19, 2020, S&P Global Ratings lowered its issuer credit rating on Grupo Aeromexico, S.A.B. de C.V. (Aeromexico) to 'B+' from 'BB-'. At the same time, we
