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.

In addition to downgrading CWT's debt rating, Fitch also moved CWT from "ratings watch negative" to simply "negative," reflecting "reduced immediate concerns regarding CWT's liquidity needs in the severely stressed travel environment," Fitch wrote in a Friday statement . . .

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