S&P cuts Swissport to CCC

S&P said it lowered its long-term issuer credit ratings on Swissport Group Sarl and its subsidiaries to CCC from B- and revised the outlook to negative, while also lowering the issue ratings by two notches.

“We think that the Covid-19 pandemic will have a significant effect on Swissport's cash flows and liquidity due to a sharp drop in air passenger traffic and significant decline in air freight volumes in the coming months,” S&P said in a news release.

“Swissport has appointed legal and financial advisors to explore options on its financial position and, combined with our view of significant cash burn this year, we believe that distressed debt restructuring is likely over the next 12 months.”

© 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.