S&P rates Allegiant Travel notes B+

S&P said it assigned its B+ issue-level rating and 2 recovery rating to Allegiant Travel Co.'s planned $150 million of senior secured notes due 2024. The 2 recovery rating indicates expectations for substantial recovery (70%-90%; rounded estimate: 75%) in a default.

The company will use the proceeds to supplement its liquidity position.

“Our issue-level rating on Allegiant's existing $545.5 million term loan B remains at B+. Our 2 recovery rating is unchanged, though we revised our rounded estimate to 75% from 85% based on the company's higher debt level,” S&P said in a press release.

The agency said Allegiant’s B issuer rating also remains unchanged.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.