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S&P Global Ratings Downgrades Virgin Australia Credit Rating to CC

  • April 22, 2020 12:33 PM AEST
  • Team Kalkine

The S&P Global Ratings trims Virgin Australia Holdings Limited (ASX:VAH) ratings to ‘CC’ in the wake of proposed recapitalisation post voluntary administration.

Gold MTF non-AMP

  • The S&P Global Ratings anticipates that the proposed debt restructuring, and recapitalisation process would constitute a default under the set of criteria incorporated by the rating agency under its decision.
  • The rating agency also anticipates that the unsecured debt providers will be forced to accept less value for amounts owing under the terms of the existing unsecured debt facilities.
  • Thus, the rating agency downgraded the credit rating on Virgin Australia to 'CC' from 'CCC’ and lowered its related issue ratings on the airline's unsecured debt to 'C' from 'CCC-'.

 


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