Fitch shifts Avia view to negative

Fitch Ratings said it revised the outlook on Avia Solutions Group plc’s to negative from stable and affirmed the company’s BB rating.

“The outlook revision reflects our updated assumptions for the aviation industry, reflecting the impact of the coronavirus pandemic and the global economic crisis. We forecast Avia’s credit metrics to be weak for the current rating in 2020, but to return to within our rating sensitivities by 2022,” Fitch said in a press release.

Fitch also affirmed the senior unsecured rating of BB of the $300 million of bonds issued by ASG Finance DAC, which is 100% owned by Avia. The bonds are guaranteed by Avia and its key divisional subsidiaries.

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