Fitch rates WestJet loans BB+

Fitch Ratings said it assigned WestJet Airlines, Ltd. ratings of BB-.

The ratings also apply to primary operating subsidiary WestJet, an Alberta partnership, and to Kestrel Bidco, Inc., a newly formed parent company that will own 100% of WestJet Airlines following the completion of the acquisition by Onex.

Fitch also assigned WestJet's proposed secured term loan and revolving credit facility expected ratings of BB+.

The agency said WestJet’s rating reflects significantly higher debt following its purchase by private equity sponsor Onex, along with likely lower levels of liquidity following the transaction, and near to intermediate term execution risks involved with the evolution of the company's business model.

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