S&P could downgrade Swissport

S&P said it placed the B long-term corporate credit rating on Swissport Group Sarl and its related entities on CreditWatch with negative implications.

At the same time, the agency placed the B issue ratings on the CHF 110 million senior secured revolving credit facility by Swissport International Ltd., as well as the €660 million term loan B and the €400 million senior secured notes issued by Swissport Investment SA, on CreditWatch with negative implications. The recovery rating is 3, reflecting an expectation of meaningful recovery (50%-60%; rounded estimate 60%).

S&P also placed the CCC+ issue rating on the €290 million senior unsecured notes issued by Swissport Investment on CreditWatch with negative implications. The recovery rating is 6, reflecting an expectation of negligible recovery (0%-10%; rounded estimate 0%).

S&P said the negative CreditWatch placement follows Swissport's announcement of a technical breach of certain non-financial covenants in its credit facility agreement and its intention to complete debt-restructuring solutions in the next 90 days.

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