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S&P revises Allegiant note recovery
S&P said it affirmed its BB- corporate credit rating on Allegiant Travel Co.
The agency also revised the recovery estimate on the company's senior unsecured notes to 3 (rounded estimate: 65%) from 4 (rounded estimate: 45%) and affirmed the BB- rating on the notes.
The outlook remains stable.
S&P said it revised the note recovery estimate due to an improvement in the quality of Allegiant's fleet, which now consists largely of A320 family aircraft that have substantially higher market values than the MD-80 series being retired.
The agency said it expects that Allegiant will generate strong earnings through 2019. However, S&P said it expects credit metrics to weaken somewhat due to increased debt as the company renews its fleet and invests in the Sunseeker resort project.
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