S&P raises ACE Aviation Holdings

Standard & Poor's said it raised the long-term corporate credit rating on ACE Aviation Holdings Inc. to B+ from B due to strengthened financial flexibility and above-average operating performance relative to its North American peers.

The outlook is stable.

S&P said the ratings on ACE reflect its concentration of holdings in the high-risk airline industry, weak consolidated free cash flow generation and high consolidated leverage.

These factors outweigh better-than-average operating performance among ACE's North American airline peers, good liquidity and low levels of debt at the holding company level, the agency noted.

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