Moody's Investors Service last week issued a detailed update of its March 12 downgrade on the debt rating for Carlson Travel Inc., owner of CWT. Covid-19's impact on business travel demand, economic uncertainty and weak cash flows is aggravating the pre-existing "high" ratio of debt to earnings and a downward trend on client fees, Moody's wrote.

"However, the company benefits from significant scale and [a] leading position as a global provider of corporate travel services to mostly large to medium-sized corporate clients and government agencies; a diversified, loyal customer based with . . .

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