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S&P gives Air Baltic notes B+
S&P said it gave a preliminary B+ rating to Air Baltic Corp. AS’ planned $350 million of five-year notes and use the proceeds to repay its outstanding €200 million senior unsecured notes due July 2024 and increase its liquidity sources.
Concurrently, the agency placed the airline’s B issuer rating on CreditWatch with positive implications.
“Air Baltic's year-to-date financial performance and our updated base case point to improving EBITDA, free operating cash flow (FOCF), and credit metrics in 2023, reflecting the continued recovery of air traffic and pent-up demand for leisure travel. If the refinancing closes as we expect, the longer-dated debt-maturity profile, combined with stronger cash flow, will improve Air Baltic's liquidity,” the agency said in a press release.
The positive watch indicates a likely issuer upgrade to B+ if the transaction closes on the proposed terms, S&P said.
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