Moody’s cuts One Sky

Moody’s Investors Service said it downgraded One Sky Flight, LLC’s corporate family rating to B3 from B2, probability of default ratings to B3-PD from B2-PD, and its first-lien senior secured term loan rating to B3 from B2. The agency changed the outlook to negative from stable.

The downgrade and negative outlook reflect Moody’s expectation for severe disruptions within the private aviation sector due to the coronavirus pandemic that will significantly curtail demand for air travel in the second quarter of 2020, and only a slow pace of recovery commencing in the third quarter, Moody’s said.

“Moreover, as the severity and duration of the pandemic and their impact is largely unknown at this time, this places a high degree of uncertainty on demand across all modes of travel, including private air operators,” the agency said in a press release.

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