Fitch cuts Avation, then upgrades it

Fitch Ratings said it downgraded the long-term issuer default ratings of Avation plc and its subsidiaries to RD (Restricted Default) from C upon the completion of the maturity extension of the company's senior unsecured notes on March 25, which Fitch views as a distressed debt exchange.

Following the exchange, Fitch has subsequently upgraded the IDRs to CCC from RD, upgraded the senior unsecured debt ratings to CCC- with recovery rating of RR5 from C with a recovery rating of RR5, and placed all ratings on Rating Watch negative.

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