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S&P lowers Aimia
S&P said it lowered its long-term corporate credit rating on Aimia Inc. to BB- from BB+.
S&P also lowered its issue-level ratings on the company's senior secured notes to BB from BBB- (one notch above the corporate credit rating). The senior secured debt has a 2 recovery rating, indicating an expectation of substantial (70%-90%, rounded estimate 75%) recovery in a default scenario.
At the same time, S&P lowered its global scale rating to B- from B+ and its Canada scale rating to P-4(Low) from P-4(High) on the company's preferred shares.
Finally, S&P said it removed all of its ratings on Aimia from CreditWatch, where they were placed with negative implications May 12. The outlook is negative.
“The downgrade and negative outlook reflect our view of the significant risks and uncertainty Aimia faces following Air Canada's previous announcement not to renew the company's contract with Aimia post-June 2020,” S&P said in a news release.
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