Moody’s downgrades Aeris

Moody’s Investors Service said it downgraded the senior unsecured rating to B3 from B1 of Aeris Holding Costa Rica SA. The rating was also placed on review for further downgrade from negative.

“Moody’s rating downgrade reflects the continuation of minimal levels of traffic amid the Covid-19 outbreak and its impact on Aeris’ liquidity position. Despite the recent reopening of the airport, our updated enplanement scenarios incorporate a much slower recovery in 2020 and the continuation of poor volumes in 2021. As a result, Aeris will continue to use its cash to sustain operations and will likely draw from its six-month (one semiannual coupon payment) debt service reserve fund in 2021,” the agency said in a press release.

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