We believe the COVID-19 outbreak could affect operating performance for the live events industry due to the increasing number of postponed live events globally. While the extent and duration of the impact on the live events industry are uncertain, we believe Live Nation Entertainment Inc.'s operating performance could be hurt by the growing number of postponed events, lower-than-expected attendance, or any future cancelations. We are placing all our ratings, including the 'BB-' issuer credit rating, on CreditWatch with negative implications. The CreditWatch placements reflect the company's direct exposure to live music events that are currently being affected by the COVID-19 outbreak. These disruptions could affect operating performance such that leverage remains above our 5x leverage threshold for the 'BB-' rating.
