S&P prunes Travelport

S&P said it cut its ratings on Travelport's parent holding company Toro Private Holdings I Ltd. and its finance subsidiary Travelport Finance (Luxembourg) Sarl to CCC- from CCC+. Furthermore, the agency lowered its issue ratings on the priority-lien debt to CCC from B- and the junior priority-lien debt to C from CCC-.

“Travelport's operating and financial performance was materially weaker than we anticipated in the nine months to Sept. 30, 2023.

“The company's very high-interest payments on its floating-rate debt have put additional pressure on both its capital structure, which we believe remains unsustainable, and its liquidity position, which we now view as weak,” S&P said in a press release.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.