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S&P cuts WestJet Airlines
S&P said it lowered its ratings on WestJet Airlines Ltd. by one notch, including its issuer credit rating on the company to B from B+, and maintained all the ratings on CreditWatch with negative implications.
“We believe the steep drop in air traffic at WestJet Airlines Ltd. stemming from the Covid-19 outbreak will contribute to earnings and credit metrics that are meaningfully weaker than we previously expected, including adjusted funds from operations (FFO)-to-debt well below 15% and adjusted debt-to-EBITDA above 6x in 2020,” said S&P in a press release.
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