S&P's study of VAH on 28 Feb 2020 that changed their outlook from stable to negative, relied on minimum GDP growth of 2.2%. With COVID-19, GDP might be lucky to reach 1.5% and may trend negative in one or two quarters. That would throw their estimates out the window.
So S&P can say what they like, but the complexity of external debt laden share holders and a collapsing world market due to COVID-19 make it almost impossible to predict where this will end. Whatever happens, VAH's cash reserve position of $ 900 m (apparently unsecured) will be drawn down significantly.