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Fitch moves Hawaiian view to negative
Fitch Ratings said it revised the outlook for Hawaiian Holdings, Inc. and Hawaiian Airlines, Inc. to negative from stable and has affirmed both entities' issuer default ratings at B-. Additionally, the agency affirmed the Hawaiian Brand Intellectual Property, Ltd.'s, and Hawaiian Miles Loyalty, Ltd.'s senior secured debt at B+/RR2.
“The negative outlook is driven by Fitch's expectation for weaker coverage and liquidity levels in the near to intermediate term. This is due to a delayed recovery in profitability driven by continued heavy competition that has been exacerbated by recent maintenance issues with Pratt and Whitney's geared turbo fan (GTF) engines,” the agency said in a press release.
Fitch said it “forecasts EBITDAR fixed charge coverage to run around 1x in the near to immediate term, absent material improvement in profitability.”
The agency said it aims to resolve the negative outlook within 12 to 18 months.
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