S&P elevates VistaJet, notes

S&P said it raised the corporate credit rating on VistaJet Group Holding Ltd. and its core subsidiaries VistaJet Malta Finance plc and VistaJet Co Finance LLC to B- from CCC+.

The outlook is stable.

The agency also removed the issue-level ratings on VistaJet's $300 million senior unsecured notes from under criteria observation and raised the rating to CCC+ from CCC-, one notch relating to the upgrade of the corporate credit rating and one notch following S&P’s criteria review.

“The upgrade follows VistaJet's issuance of $200 million of convertible preferred equity shares, which were bought by funds affiliated with the private equity firm Rhone Capital,” the agency said in a news release.

“VistaJet has received $150 million in cash from this transaction, which materially improves the company's liquidity profile, in our view.”

© 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.