The COVID-19 pandemic has led to the temporary closure of theme parks around the world operated by Piolin Bidco (Parques Reunidos), Motion Midco (Merlin Entertainment), and International Park Holdings (PortAventura). Although our current base case is for COVID-19 to peak between June and August 2020, downside risks remain. By our estimate, these theme park operators do not face any imminent liquidity risk over the next few months, but a prolonged shutdown could place strain on their credit quality. We are placing our ratings on Piolin Bidco, Motion Midco, and International Park Holdings on CreditWatch with negative implications. We plan to resolve the CreditWatch placements once we have assessed the impact of COVID-19 on the groups' capital structure, liquidity, and financial
