Fitch Ratings

Debt-Laden CWT Is In Talks On Financial Restructuring As Big Company Travelers Remain On The Sidelines

CWT’s lenders agreed to delay the company’s June interest obligations amid discussions about “the best possible financial plan for CWT,” according to a company spokesperson. CWT skipped a June 15 interest payment, as first reported the next day by Bloomberg. That kicked off a 30-day grace period before default. Unnamed sources told the outlet that “forbearance…

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…

Credit Rating Agencies Highlight Uncertainty, Forecast Travel Revenues Next Year To Trail 2019 Mark

Analysts at Fitch Ratings expect business travel volumes to return to pre-pandemic levels around 2023 or 2024 following a “moderate recovery in travel demand beginning in 2021, with revenues in 2021 roughly 20 percent below 2019 levels.” The credit rating agency slightly downgraded its assessments of CWT’s credit risk and affirmed a negative rating outlook….

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