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S&P rates British Airways class B notes BBB
S&P said it assigned its BBB (sf) preliminary issue-level rating to the new class B enhanced equipment trust certificates to be issued by British Airways Pass Through Trust 2020-1B. The airline plans to sell about $241 million of class B certificates.
“We base our preliminary rating on the credit quality of BA (BB/negative/), the collateral coverage by quality aircraft, and the typical legal and structural protections available to EETCs in the U.K.,” S&P said in a press release.
The proceeds will be deposited with Sumitomo Mitsui Banking Corp., pending delivery of the new aircraft and the issuance of the equipment notes after that.
BA intends to use the proceeds with other funds to repay the $750 million bridge loan facility that it finalized in May, with the remaining proceeds to finance the purchase of new aircraft.
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