Moody’s downgrades Swissport

Moody’s Investors Service said it downgraded Swissport Group Sarl’s corporate family rating to C from Caa2 and probability of default rating to Ca-PD from Caa2-PD. Concurrently, Moody’s downgraded to C from Caa1 the instrument rating on the senior secured term loan B, senior secured notes and senior secured delayed-draw term loan facility and downgraded to C from Caa3 the rating on the senior unsecured notes, all issued by Swissport Financing Sarl. Moody’s also lowered to C from Caa1 the rating on the senior secured revolving credit facility at Swissport International AG.

Also, the agency downgraded to C from Ca the instrument rating on the senior secured notes and on the senior unsecured notes issued by Swissport Investments SA.

“The action reflects the anticipated debt restructuring, which will result in a significant haircut to the existing debt, which the rating agency will treat as a default. On the other hand, Moody’s expects that the restructuring will provide Swissport with necessary liquidity and will help to achieve a sustainable capital structure to continue the operations,” Moody’s said in a press release.

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