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S&P gives BBB to International Consolidated Airlines bonds
S&P said it assigned its BBB issue-level rating to the up to €1 billion proposed senior unsecured bonds to be issued by International Consolidated Airlines Group SA (IAG).
The bonds will be issued in two traches (series A with a targeted maturity in 2022 or 2023 and series B with a targeted maturity in 2026 or 2027, subject to market conditions).
S&P said it expects IAG to use the proceeds from these bonds to repay the outstanding €500 million convertible bonds due 2020 and for general corporate purposes.
“We do not believe that the proposed transaction will materially alter IAG's adjusted leverage. We forecast a weighted-average ratio of adjusted funds from operations (FFO) to debt of 52%-54%, slightly below about 55% achieved in 2018,” S&P said in a news release.
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