Moody’s gives B1 to Allegiant notes

Moody's Investors Service said it affirmed Allegiant Travel Co.’s Ba3 corporate family rating, Ba3-PD probability of default rating and B1 senior unsecured rating.

The speculative grade liquidity rating was revised to SGL-3 from SGL-2.

The rating outlook is stable.

Moody's also assigned a B1 rating to the announced $300 million of senior unsecured notes due 2023 that Allegiant plans to issue.

Proceeds will be used for general corporate purposes, including repayment of debt and returns to shareholders, particularly given the company's current commitments to purchase 22 used and 12 new Airbus A320 family aircraft and its penchant for funding aircraft purchases with amortizing bank debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.