Last Updated on November 4, 2022 by admin
American Airlines Group Inc.: AA stock is down 70% since the beginning of the year, and its corporate credit rating has been downgraded from A- to B+. The company has been hit hard by the decrease in air travel, as well as by its decision to reduce capacity by 20%. American Airlines has also taken on a lot of debt in an effort to stay afloat, which has further negatively affected its credit rating.
Marriott International Inc.: Marriott’s stock is down 50% since the start of 2020, and its credit rating has been lowered from A3 to Baa1. The company has seen a significant decrease in revenue as people cancel their hotel reservations en masse. Marriott has also been forced to close hotels around the world and lay off thousands of employees.
Norwegian Cruise Line Holdings Ltd.: Norwegian Cruise Line’s stock is down 85% this year, and its credit rating has been slashed from Ba1 to B3. The cruise industry has been one of the hardest hit by the pandemic, as people are hesitant to board ships amid fears of infection. Norwegian Cruise Line has had to cancel sailings and lay off workers, leading to its significant financial problems.