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S&P puts Hawaiian Holdings on watch
S&P said it placed the ratings for Hawaiian Holdings Inc. on CreditWatch with negative implications.
Hawaiian suspended its routes to South Korea and is delaying its planned capacity expansion to Japan. “Over time, we also expect the company to reduce capacity on its domestic routes between the continental U.S. and the Hawaiian islands. Although the company should also benefit from lower fuel prices, we do not believe the reduced capacity and cost savings will be adequate to offset sharply lower traffic,” said S&P in a press release.
“We expect to resolve the CreditWatch placement when we have more information regarding the degree and timing of the return of passenger travel. If we expect that FFO to debt is likely to average below 25% over the 2020-2021 period, we would likely lower the ratings,” the agency said.
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