Fitch revises Avolon view to negative

Fitch Ratings said it revised Avolon Holdings Ltd.'s outlook to negative from stable on coronavirus-related risks, while affirming the long-term issuer default rating and senior unsecured debt ratings of Avolon and its subsidiaries at BBB- and senior secured debt ratings at BBB.

The outlook revision reflects the unprecedented decline in global air traffic as a result of the coronavirus pandemic, which could lead to widespread lease deferrals/defaults, airline bankruptcies, aircraft repossessions and impairments absent abatement of the virus in the near- to intermediate-term and/or material sovereign intervention, Fitch said.

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