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S&P trims Voyager Aviation
S&P said it downgraded Voyager Aviation Holdings LLC to B from B+ and its senior unsecured notes to B- from B. The agency placed all of Voyager’s ratings on CreditWatch with negative implications.
“An extended decline in airline traffic and the demand for aircraft could further weaken Voyager's credit metrics after its disappointing performance in 2019. The company's 2019 credit metrics were significantly weaker than expected due to asset impairments and losses related to its asset sales, which reduced its EBIT interest coverage to about 0.6x in 2019 from approximately 1x in 2018 (significantly below our expectation in the low-1x area),” said S&P in a press release.
S&P said it plans to resolve the placement after it has more information on the effects of the coronavirus on the company and its key customers as well as its refinancing prospects.
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