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Fitch cuts EA Partners notes
Fitch Ratings said it downgraded EA Partners I BV's $700 million 6 7/8% senior secured notes due 2020 and EA Partners II BV's $500 million 6¾% senior secured notes due 2021 to CC from CCC-. The recovery ratings are RR3.
The agency said the downgrade reflects the change in the assessment of recovery prospects for the notes, driven by the reassessment of legal, operational and strategic ties between Etihad Airways PJSC and its equity airline partners, which are obligors under the transactions.
Fitch said that given the notes' recourse to each obligor on several bases, the senior secured ratings reflect the creditworthiness of the obligor of the weakest credit quality as well as the recovery prospects for the notes.
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