Endeavor’s financial problems seem to be getting worse.
On Monday, S&P Global Ratings reduced Endeavor’s credit rating over due to concerns stemming from the organization’s high-borrowing strategy and event cancelations as a result of a global pandemic.
“Based on data and news reported since, we now see the impact on U.S. GDP will be far more severe than we once thought, with the contraction showing up in the first-quarter figure and worsening substantially in the April-to-June period,” S&P said (h/t Forbes).
“Federal guidelines in the U.S. for social distancing will remain in place at least until April 30, extending the possibility for a prolonged downturn for event- and entertainment-based businesses.