Updating Assessments Of CWT’s Debt, Fitch Ratings Says Business Travel Will ‘Somewhat Normalize’ By 2024

As it published an evaluation of CWT's creditworthiness, Fitch Ratings on Thursday said the travel management company had "limited financial flexibility" and "a level of excess cash and revolver availability to withstand significant declines in traffic volumes" through the end of September — albeit "with minimal headroom." 

CWT raised close to $400 million in debt and new investments last year to survive the pandemic.

"When business grinds to a screeching halt and revenues, therefore, grind to a halt, cash and liquidity become paramount with regard to longevity," said CWT managing director for global customer . . .

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Author: Jay Campbell

Jay Campbell in 2004 created travel business newsletter The Beat, in 2006 co-founded Travel Procurement magazine and in 2010 integrated them with Business Travel News. He served as editorial director until 2013. Jay made his travel industry media debut in 1993 at the Air Travel Journal of Boston while earning his undergraduate degree in journalism at Boston University.
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