Moody's cuts Signature 2028 bonds to B1

Moody's Investors Service said it downgraded the ratings of the $650 million backed senior unsecured notes due 2028 issued by Signature Aviation US Holdings, Inc. to B1 from Ba3.

The rating action reflects the issuer's tender and consent solicitation dated April 8, following which the tender was accepted by bondholders representing notes with a principal value of about $535 million, Moody’s said.

Accordingly, $115 million of the 2028 notes remain in place following the completion of the acquisition of the issuer's parent, Signature Aviation plc by Brown Bidco Ltd., an entity controlled by Blackstone Infrastructure, Blackstone Core Equity, Global Infrastructure Partners and Cascade Investment, LLC, the agency said.

The outlook remains stable.

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