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Fitch upgrades VistaJet
Fitch Ratings said it upgraded VistaJet Group Holding Ltd.'s long-term issuer default rating to B from B-.
The outlook is positive.
Fitch also said it upgraded the B- rating with recovery rating of RR4 on the $300 million 7¾% notes due 2020 to B+ with recovery rating of RR3.
The notes are co-issued by VistaJet's 99.5%-owned subsidiaries, VistaJet Malta Finance plc and VistaJet Co Finance LLC, and are unconditionally and irrevocably guaranteed by VistaJet and its main subsidiaries.
The upgrades reflect VistaJet's recent operating performance, which was better than expectations, Fitch explained.
The upgrades also incorporate continued reduction of funds from operations gross adjusted leverage, the agency said.
The positive outlook considers an expectation of continued improvement in financial profile due to growth in EBITDA and funds from operations, Fitch added, along with the use of sizable free cash flow to reduce outstanding debt.
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