Hertz's stock suffers record selloff, as Moody's cuts rating as COVID-19 creates 'severe' credit shock [MarketWatch]
Hertz Global Holdings, Inc (HTZ)
Last hertz global holdings, inc earnings: 2/24 04:05 pm
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Source: MarketWatch
Hertz's stock suffers record selloff, as Moody's cuts rating as COVID-19 creates 'severe' credit shock Shares of Hertz Global Holdings Inc. HTZ, -39.64% plummeted 39.6% on Wednesday to close at a record low of $3.38, as the COVID-19 pandemic weighed heavily on the car rental company. The day's decline was the biggest since the stock went public in November 2006. Moody's Investors Service downgraded Hertz's credit to B3, which is six notches deep into speculative, or "junk" territory, from B2, as the outlook was revised to negative from stable. The rating agency said the deteriorating economic outlook, falling oil prices and asset price declines resulting from the rapid spread of the COVID-19 virus has created "a severe and extensive" credit shock across many sectors and markets. "The car rental sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment," Moody's said. "More specifically, the weaknesses in Hertz
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HTZ
Earnings
- 4/25/24 - Miss
HTZ
Sec Filings
- 4/22/24 - Form 8-K
- 4/9/24 - Form ARS
- 4/9/24 - Form DEFA14A
- HTZ's page on the SEC website