S&P lifts Gogo

S&P said it raised all its Gogo Inc. ratings by a notch, including its issuer rating to B from B-.

“Gogo has outperformed our prior base-case expectation because of growth in private jet travel due to the pandemic, which we expect will persist. We have raised ratings on Gogo because revenue, EBITDA, and free cash flow growth have accelerated beyond previous expectations due to the quick recovery in the business aviation market, coupled with increasing demand for connectivity,” S&P said in a press release.

The agency said it sees the trend continuing near term as private jet travelers avoid commercial air travel and the risks of Covid.

The outlook is stable.

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