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. On March 31, 2021, S&P Global Ratings 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
