DBRS cuts Voyager Aviation

DBRS said it downgraded Voyager Aviation Holdings, LLC’s long-term issuer rating to CC from B, while also downgrading its long-term senior debt rating to C from CCC (high).

Concurrently, DBRS also lowered the long-term issuer rating of Voyager’s wholly owned subsidiary, Voyager Finance Co. to CC from B and its long-term senior debt rating to C from CCC (high).

The agency placed all the ratings under review with negative implications.

“The rating action follows the company’s announcement that it has reached an agreement with its existing shareholders and certain existing bondholders of its August 2021 notes (the notes) to restructure and recapitalize the company (the exchange offer), DBRS said in a press release.

Without the exchange, Voyager would most likely default on its notes. DBRS said it plans to lower Voyager’s issuer rating to SD and the debt’s rating to D after completing the exchange

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