On November 16, 2020, S&P Global Ratings lowered its issuer credit rating on Live Nation Entertainment, Inc. to B from B+, its secured debt rating to B+ from BB- and its unsecured debt rating to B- from B. The downgrade and negative outlook reflect the prolonged nature of the coronavirus pandemic and the ratings agency’s revised expectation that a substantial return to live music events will not occur until mid-2021, when a vaccine is presumed to be widely available. Moreover, S&P Global believes there is substantial risk that ongoing delays in controlling the pandemic could hurt live event scheduling and attendance such that Live Nation's liquidity is diminished toward the $500 million minimum liquidity covenant and it is not able to reduce leverage below 7.5x by 2022.

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