S&P cuts Inaer

Standard & Poor's said it lowered to B from B+ its long-term corporate credit rating on Inaer Aviation Group SLU. The outlook is stable.

At the same time, the agency said it lowered its issue rating on the group's senior secured revolving credit facility to B+ from BB-. The recovery rating on this facility is unchanged at 2, indicating an expectation that lenders would receive substantial recovery in the event of a payment default.

The agency said it also lowered the issue rating on Inaer's €470 million senior secured notes to B- from B. The recovery rating on the notes is unchanged at 5, indicating an expectation of modest recovery in the event of a payment default.

S&P said the rating actions reflect its view that Inaer is unlikely to materially improve its credit metrics within the next 12 months to levels that the agency considers commensurate with a B+ rating.

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