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Fitch rates VistaJet notes B
Fitch Ratings said it assigned a final senior unsecured rating of B with recovery rating of RR4 to VistaJet Group Holding SA’s $300 million 7¾% notes due 2020.
The notes will be co-issued by VistaJet’s 99.5%-owned subsidiaries, VistaJet Malta Finance plc and VistaJet Co Finance LLC, Fitch said, and will be unconditionally and irrevocably guaranteed by VistaJet and its key subsidiaries.
The rating reflects VistaJet’s business profile as one of the largest global business jet owner-operators, albeit in a fragmented market, the agency said.
The rating also considers its aggressive growth strategy, high profitability levels and leveraged financial profile, Fitch said.
The company’s stable outlook reflects an expectation of continued growth in revenues and profitability, driven by fleet growth and higher fleet utilization, the agency added.
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