#暴力 #压榨 评级公司因债务而打击 CAA

多家信用评级机构已将 Creative Artists Agency 的评级下调至垃圾债券范围，每家机构均表示疫情凸显了 CAA 的高债务水平。
S&P Global Ratings Inc. 将 CAA 的第一留置权定期贷款工具的发行人信用评级和发行级别评级从 B+ 下调至 B。标准普尔对定期贷款的回收率评级保持在 3 不变。
同样，穆迪投资者服务公司将 CAA 的公司评级、违约概率、11.5 亿美元的高级担保定期贷款和 1.25 亿美元的高级担保循环信贷额度从 B2 下调至 B3。穆迪还对 CAA 最近提出的 7,500 万美元的第一留置权定期贷款票据给予 B3 评级。
尽管降级，两家评级服务机构都维持了人才机构的“稳定”前景，并表示他们没有看到流动性问题。标准普尔分析师迪伦·辛格和贾瓦德·侯赛因写道：“CAA 的信用状况反映了冠状病毒爆发对如期举行现场活动和完成媒体制作的能力以及整体经济的影响，这将导致可自由支配的消费者支出减少。” .穆迪分析师 Scott Van den Bosch 和 Stephen Sohn 表示，“主要制片厂已无限期暂停几乎所有电视和电影项目的制作。疫情还导致多项现场活动被取消或推迟，包括体育、音乐会和节日。CAA 的大多数代表人才直接受到这些中断的影响，因为他们没有得到补偿。这反过来又阻止了 CAA 收取其代理佣金，这导致我们预计其信用指标在 2020 财年将大大弱于我们之前的预期。”
两组分析师都指出，音乐占 CAA 收入的比例相对较小。他们还表示，他们预计电视和流媒体制作将在大流行后相对较快地恢复。
标准普尔分析师写道：“CAA 处于有利地位，可以从 Netflix、亚马逊、迪士尼、华纳媒体等顶级玩家不断增加的内容投资中受益。” “此外，我们认为当前流行病对电视和电影制作的影响不会实质性地改变我们对内容增长的预期，尤其是在 OTT 领域。
他们补充说：“我们目前预测，影视制作活动将在 2020 年下半年逐步恢复，然后在 2021 年上半年恢复到大流行前的水平。”
穆迪分析师表示，CAA 还从长期合同中获得大量收入，主要来自计划打包。
穆迪的范登博世和索恩表示：“在这些前所未有的运营条件下，CAA 信用状况的弱点使其容易受到市场情绪变化的影响，而 CAA 仍然容易受到持续蔓延的疫情的影响。”
他们补充说：“在过去几年中，CAA 曾多次发行额外债务，其中包括近 4 亿美元的额外债务，用于在 2019 年 11 月回购员工股权。”

Several credit rating agencies have downgraded the rating of creative artists agency to junk bonds. Each agency said that the epidemic highlighted the high debt level of CAA.

S & P global ratings Inc. downgraded the issuer credit rating and issue level rating of CAA's first lien term loan facility from B + to B. Standard & Poor's term loan recovery rating remained unchanged at 3.

Similarly, Moody's Investors Service lowered CAA's corporate rating, probability of default, US $1.15 billion senior secured term loan and US $125 million senior secured revolving credit line from B2 to B3. Moody's also rated the CAA's recently proposed $75 million first lien term loan note B3.

Despite the downgrade, both rating agencies maintained a "stable" outlook for talent agencies and said they did not see liquidity problems. "CAA's credit profile reflects the impact of the coronavirus outbreak on the ability to hold live events and complete media production on schedule, as well as the overall economy, which will lead to a reduction in discretionary consumer spending," wrote S & P analysts Dylan Singh and Jawad Hussein Moody's analysts Scott van den Bosch and Stephen Sohn said, "Major studios have suspended production of almost all television and film projects indefinitely. The epidemic has also led to the cancellation or postponement of a number of live events, including sports, concerts and festivals. Most of CAA's representatives are directly affected by these interruptions because they are not compensated. This in turn prevents CAA from charging its agency commissions, which leads us to expect their credit indicators to be significantly weaker than before us in fy2020 Expectations. "

Both groups of analysts pointed out that music accounts for a relatively small proportion of CAA revenue. They also said they expected television and streaming production to resume relatively quickly after the pandemic.

"CAA is in a favorable position to benefit from the increasing content investment of top players such as Netflix, Amazon, Disney and Warner media," standard & Poor's analysts wrote "In addition, we believe that the impact of the current epidemic on television and film production will not substantially change our expectations for content growth, especially in the field of Ott.

They added: "we currently predict that film and television production activities will gradually resume in the second half of 2020 and then return to pre pandemic levels in the first half of 2021."

Moody's analysts said CAA also received a lot of revenue from long-term contracts, mainly from plan packaging.

"Under these unprecedented operating conditions, CAA's credit weakness makes it vulnerable to changes in market sentiment, while CAA is still vulnerable to the spread of the epidemic," said van den Bosch and Thorne of Moody's

They added: "in the past few years, CAA has repeatedly issued additional debt, including nearly $400 million of additional debt, for repurchasing employee equity in November 2019."