DBRS cuts Voyager Aviation

DBRS said it downgraded the long-term issuer ratings of Voyager Aviation Holdings, LLC and Voyager Finance Co. to selective default from CCC. Concurrently, the agency lowered the long-term senior debt ratings of Voyager and Voyager Finance D from CC.

The agency also removed the ratings from under review with negative implications where they were placed in Feb. 22.

The downgrade follows the announcement by Voyager that it completed its exchange offering (the Exchange) for its senior notes that was previously announced on March 30, DBRS said.

“The downgrades reflect our view that the exchange was considered a distressed exchange and the equivalent to a default on its senior notes. As such, Voyager’s long-term issuer rating of SD reflects that the company is still performing on its secured debt obligations and operating as a going concern, while the long-term senior debt rating is D,” DBRS said in a press release.

The agency said it plans to reassess Voyager’s ratings in the coming weeks.

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