S&P ups Allegiant Travel

S&P said it upgraded Allegiant Travel Co. to B+ from B and the ratings on its $545 million term loan B and $150 million of senior secured notes to BB- from B+. The 2 recovery rating on the debt is unchanged.

“Although Allegiant Travel Co.'s revenue and earnings were impaired by the steep decline in the demand for air travel due to the Covid-19 pandemic in 2020, they were stronger than those of most other rated U.S. airlines,” the agency said in a press release.

S&P said it sees Allegiant reporting a sizeable profit in 2021, albeit still below 2019 levels.

The outlook is stable.

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