S&P lifts Worldwide Flight Services

S&P said it raised its long-term issuer credit rating and issue-level ratings on Promontoria Holding 264 BV and its senior secured notes to BB from B; the recovery rating on the notes remains unchanged at 4.

S&P removed the ratings from CreditWatch, where they were placed with positive implications on Oct. 17, 2022.

Singapore-listed aviation services provider SATS Ltd. has acquired Promontoria Holding 264, the parent holding company of air cargo and ground handling operator Worldwide Flight Services, from Cerberus Capital Management.

“The stable outlook reflects our expectation that the combined group will improve its S&P Global Ratings-adjusted debt to EBITDA ratio toward 4.5x by fiscal 2025, as the identified synergies unfold while the group controls its cost base,” S&P said in a news release.

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