By Cynthia Littleton Business Editor CAA raised $75 million in debt earlier this week in an effort to ensure it has plenty of liquidity on hand in an uncertain business climate.
The move prompted CAA to earn a credit rating downgrade from S&P Global Ratings and Moody’s Investor Service as it raised CAA’s debt ratio to above the eight times earnings level.
The ratings agencies cited the widespread coronavirus-related shutdowns that have up-ended the entertainment business and temporarily shut off income streams for many of CAA’s starry clients. “The live entertainment industry sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment.
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