Fitch lowers Avianca

Fitch Ratings said it downgraded Avianca Holdings' long-term foreign and local currency issuer default rating to RD from B-.

The ratings were removed from rating watch negative.

“This downgrade follows the announcement by Avianca that it has deferred payments on certain long-term leases and on payment of principal on certain loan obligations,” the agency said in a news release.

Fitch said this is in line with the definition of restricted payment in line with its criteria.

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