Five days after Endeavor confirmed layoffs, staff cuts and pay cuts, the firm has been hit with a credit ratings downgrade from Moody's
The research firm noted that the conglomerate is"highly leveraged" and that"the anticipated significant drop in revenue in 2020 could potentially result in an unsustainable capital structure."
The financial services company on Monday revised its credit facility ratings on Endeavor — the parent company of talent agency WME, modeling agency IMG, Ultimate Fighting Championship and Professional Bull Riders — from stable to negative. Moody's noted that the novel coronavirus pandemic "has limited the ability to hold live events and complete media production as anticipated."
The firm, which had filed its IPO plans on May 23 of last year with the goal of raising more than $600 million in a public offering, officially dropped its plans on Oct. 16. Moody's revised its status of Endeavor exactly two weeks after S&P Global Ratings similarly lowered its rating and outlook to negative, noting that the company has "a highly leveraged capital structure, therefore the anticipated significant drop in revenue in 2020 could potentially result in an unsustainable capital structure."
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