S&P stabilizes Avia view to stable

S&P said it changed Avia Solutions Group plc’s outlook to stable from negative and affirmed the BB- ratings on the company and its $300 million of senior unsecured notes.

Avia also reported a strategic partnership with investment fund Certares. The fund made a €300 million preference share investment and Avia will use the proceeds for selective growth investments and general corporate purposes.

S&P said it sees the company’s improving operating performance continuing on robust trading conditions in cargo business and slowly recovering air passenger traffic, helping it to reach S&P Global Ratings-adjusted EBITDA of €130 million-€150 million for 2021 from about €90 million in 2020.

The outlook reflects the agency’s view that ASG's recovery in EBITDA will deliver funds from operations to debt reaching close to 20% over the next 12 months, S&P said.

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