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S&P cuts Hawaiian Holdings
S&P said it lowered all its ratings for Hawaiian Holdings Inc., including the issuer rating to CCC+ from B and removed them from CreditWatch. S&P put the ratings on negative watch on March 13.
Also, the agency downgraded the ratings on Hawaiian’s enhanced equipment trust certificates.
Citing the effect of the pandemic on air travel, in a press release, S&P said, “We expect Hawaiian to generate a significant cash flow deficit in 2020 because of Covid-19's impact on air travel.”
S&P said it forecasts total revenue to decline by about 65% in 2020 from 2019 and funds from operations (FFO) outflows of around $225 million.
“As demand improves in 2021, we forecast revenue growth of around 80% and a return to positive FFO of $100 million-$200 million,” S&P said.
The outlook is negative.
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