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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