S&P shifts GBT outlook to stable

S&P said it changed its outlook for GBT JerseyCo. Ltd. to stable from negative and affirmed its B- ratings on the company and its senior secured credit facility. The 3 recovery rating on the facility is unchanged.

“Following the close of its merger with SPAC Apollo Strategic Growth Capital, the company had approximately $761 million of cash and cash equivalents (including a $329 million cash balance as of March 31, 2022, $129 million of net proceeds from the business combination, and $200 million borrowed from its senior secured delayed-draw term loan B-3 in the second quarter of 2022). We believe that Amex GBT's current cash balances, as well as the modest incremental liquidity provided by its revolving credit facility, will enable it to maintain adequate liquidity despite our expectation for significant cash burn through the next several quarters,” S&P said in a press release.

“We revised our outlook on Amex GBT based on our expectation that it will maintain adequate liquidity over the next 12 months as the demand for business travel continues to recover,” S&P said in a press release.

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