S&P turns Ryanair view to positive

S&P said it revised its outlook for Ryanair Holdings plc to positive from stable and affirmed its BBB ratings on the airline, Ryanair DAC and the senior unsecured debt.

“Our outlook revision to positive from stable reflects Ryanair's strong and above our previous base-case EBITDA performance in the first half of fiscal 2023. Furthermore, we think that the recovery in air traffic will continue (especially among intra-Europe leisure customers), albeit at a slower pace, allowing Ryanair to restore its credit ratios in fiscal 2023, with adjusted FFO to debt likely surging past 60%,” the agency said in a press release.

S&P said the positive outlook means a possible upgrade if the recovery in air travel continues its momentum against the softening macroeconomic environment and weakening consumer purchasing power, enabling Ryanair to achieve adjusted FFO to debt of above 50% on a sustained basis.

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