S&P Doubts Live Nation 'Substantial Return' in 2021 to Live Music

S&P doubts a “substantial return” to live concerts before mid-2021, said the ratings service Tuesday in downgrading Live Nation Entertainment to B from a B+. “The negative outlook reflects Live Nation's exposure to postponed and canceled events during the COVID-19 pandemic and uncertainty surrounding the ensuing economic recovery and the timing of the resumption of events in 2021.” There’s “substantial risk” social distancing mandates persist “for an extended period” or the company can't "successfully manage its cost structure such that liquidity is substantially diminished,” it said. Live Nation hopes to resume live shows “at scale” next summer, CEO Michael Rapino told investors two weeks ago (see 2011060011). The company didn’t comment Tuesday.