Moody’s assigns easyJet notes Baa3

Moody’s Investors Service said it assigned a Baa3 rating to the upcoming backed senior unsecured notes to be issued by easyJet FinCo BV. The issuer is a wholly-owned subsidiary of easyJet plc.

The company’s Baa3 long-term issuer rating and the existing Baa3 ratings of the backed senior unsecured notes remain unchanged.

“EasyJet will repay its £600 million Covid Corporate Financing Facility in March and November 2021, and thereafter there are no material debt maturities beyond leasing repayments until 2023. Following the proposed issuance, Moody’s estimates that the company will retain sufficient liquidity through to the first or second calendar quarter of 2022 in the event there is no or limited recovery in passenger volumes,” the agency said in a press release.

The outlook is negative.

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