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S&P cuts six airlines
S&P said it downgraded six European airlines, citing travel restrictions enacted to curtail the pandemic.
“Air traffic across Europe has been at unprecedented lows over the past two months, and the macroeconomic outlook has further deteriorated,” the agency said in a press release.
The agency cut International Consolidated Airlines Group, SA and its issue rating on IAG's unsecured debt to BB from BBB- and assigned a 3 recovery rating (rounded recovery estimate: 65%).
On British Airways plc, S&P lowered the issue ratings on BA's 2019-1 class AA enhanced equipment trust certificates (EETCs) to A+ from AA- and the ratings on the 2019-1 class A EETCs to BBB from BBB+. S&P affirmed the issue ratings on BA's 2013-1 class A and class B EETCs at A and A-, respectively.
S&P trimmed Air Baltic Corp. and its unsecured debt to B from B+.
The agency downgraded Deutsche Lufthansa AG to BB+ from BBB-. S&P assigned a BB+ issue rating and 3 recovery rating (rounded recovery estimate of 65%) to Lufthansa's senior unsecured debt. At the same time, S&P lowered the issue rating on its junior subordinated debt (hybrid bond) to B from BB.
S&P downgraded easyJet plc and its unsecured debt to BBB- from BBB.
Also, S&P lowered Transportes Aereos Portugueses, SGPS, SA (TAP Air Portugal) and its core operating subsidiary Transportes Aereos Portugueses, SA to B- from B. The agency also lowered the issue rating on the airline's unsecured debt to B- from B. The recovery rating remains at 4 (rounded recovery estimate of 45%).
In a related action, S&P affirmed the B long-term ratings on Turk Hava Yollari AO (Turkish Airlines) and assigned a negative outlook. “We have also lowered our issue rating on THY's 2015-1 class A EETCs to BB-from BB,” S&P said.
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