...- Despite the expected spike in Cirsa's leverage above adjusted 10x and negative free operating cash flow of greater than 200 million due to the temporary site closures throughout 2020, we believe the group will be able to deleverage in 2021 and generate positive free operating cash flow thanks to a gradual pick up in revenue and cost-cuts. - The group's forecasted credit metrics for 2020 are outside of the range for our 'B-' rating and remain weak in our 2021 base case. We therefore believe uncertainty persists on the sustainability of Cirsa's capital structure, and the ability of the group to substantially and materially improve financial performance in 2021. - Still, we assume the group may withstand the ongoing disruptions to its operations in 2021, thanks to its comfortable liquidity buffer, with no significant upcoming maturities and the absence of maintenance financial covenants. - We are therefore affirming our 'B-' long-term issuer credit rating on Cirsa, and removing it from CreditWatch...
