Fitch upgrades One Sky Flight

Fitch Ratings said it upgraded One Sky Flight, LLC's issuer default rating to B from B-. Fitch also raised the company's senior secured term loan to BB-/RR2 from B/RR3.

“Fitch expects private aviation tailwinds to persist in the post-coronavirus pandemic environment and to drive top-line and margin outperformance relative to prior expectations. The upgrade is supported by higher liquidity. One Sky has increased its cash by nearly 500%, from $109 million in 2019 to $512 million at year-end 2020,” the agency said in a press release.

One Sky’s elevated margin profile, Fitch said is forecasted to remain in the low double digits as it continues to lower fixed overhead, partially offset by increased sales costs to cater to the growing base of new customers.

The outlook is stable.

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