Under-fire Travelex was dealt a fresh blow today after ratings agency S&P warned on the firm’s financial health.
The currency seller was hit by a cyber attack over Christmas and has remained offline, with workers carrying out transactions using pen and paper to serve customers at its airport terminals.
While the company investigates the incident, S&P has downgraded its credit rating to negative and questioned if it could survive as a standalone company.
S&P said: “The effect of this incident will weigh on Travelex’s already tight covenant headroom. The incident raises questions about the company’s stand-alone creditworthiness.”
Travelex is owned by FTSE-listed Abu Dhabi-based financial services group Finablr.
