...- Avison Young (Canada) Inc.'s liquidity position has eroded in 2023 due to subdued commercial real estate (CRE) activities and high debt burden. - We believe the company will have thin liquidity in the next 6-12 months, while we expect Avison Young to require amendments to its existing credit agreements in the near term. - We lowered our issuer credit rating on Avison Young to '###' from '###+'. We also lowered our rating on the company's secured term loan to '###-' from '###+', as well as revised our recovery rating to '5' from '4', indicating our expectation of modest (10%-30%; rounded estimate: 20%) recovery in the event of default. - The negative outlook reflects our view that the company's liquidity will be under stress for the next 6-12 months, and without additional sources of liquidity and amendments of the existing credit agreements, Avison Young is unlikely to meet its liquidity needs....
