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Moody's changes outlook on Booking Holdings on risks tied to coronavirus

Moody's changed the outlook to negative from stable and affirmed the A3 senior unsecured debt rating of Booking Holdings Inc. amid the coronavirus' impact on the hotel and travel industries.

The outlook revision takes into account Moody's expectation that the company will report "significantly depressed" operating results for at least the first half combined with the uncertainties regarding the depth and duration of the severe disruptions across the global travel sector due to the outbreak.

Booking's credit profile is significantly pressured by the recent sharp decline in hotel bookings and Moody's expectation that travel bookings will further deteriorate over at least the next few months. The company recently withdrew its financial guidance for the first quarter.

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