Moody’s cuts Signature Aviation

Moody’s Investors Service said it downgraded the corporate family rating of Signature Aviation plc to Ba3 from Ba2 and downgraded its probability of default rating to Ba3-PD from Ba2-PD, citing the effects of the pandemic on the company’s business.

Concurrently Moody’s downgraded the ratings on the $650 million of senior unsecured notes due 2028 and $500 million of senior unsecured notes due 2026 issued by Signature Aviation US Holdings, Inc., a subsidiary of Signature Aviation to Ba3 from Ba2.

The outlook on both remains negative.

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