Fitch cuts One Sky Flight

Fitch Ratings said it downgraded OneSky Flight, LLC to B-. Fitch also downgraded OneSky's senior secured credit facility to B/RR3.

“The rating action is driven by credit metrics that will come under pressure due to the effects of a global drop in demand related to the coronavirus pandemic. Revenue decline for OneSky is not expected to be as severe as for commercial airlines, but will nonetheless be substantial. Fitch's forecast incorporates a total revenue decline of nearly 30% for the full year,” said Fitch in a press release.

The outlook is negative.

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