We think petrol station operator EG Group's earnings, cash flows, and pace of leverage reduction will fall short of our previous expectations as the COVID-19 pandemic leads to declines in fuel demand, the closure of food-to-go (FTG) operations, and reduced sales at its convenience stores. We expect the group's diversified operations, substantial contribution from convenience stores, very high fuel margins, and cost-saving and cash preservation initiatives in 2020 will curtail earnings erosion in the next 12 months, and cash flows will likely stay positive. We are lowering our long-term issuer credit rating on EG Group to 'B-' from 'B'. The stable outlook reflects our view that the group will likely prevent its S&P Global Ratings-adjusted debt to EBITDA from significantly exceeding 10x in 2020, and promptly reduce it to about 8x by end-2021, unless the fallout from the pandemic is greater than we currently anticipate. LONDON (S&P Global Ratings) Ma