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Prospect News home > News index > List of issuers R > Headlines for Rolls-Royce plc > News item
Published on 2/2/2021 in the Prospect News Bank Loan Daily and Prospect News High Yield Daily.

Fitch cuts Rolls-Royce to BB-

Fitch Ratings said it downgraded Rolls-Royce plc’s long-term issuer default rating and senior unsecured rating to BB- from BB+.

“The downgrade reflects Fitch’s expectations of fewer engine flying hours (EFH) for 2021, leading to reduced fund from operations (FFO). This, combined with higher cash outflows from working capital changes, reflects a materially greater Fitch-calculated free cash outflow for 2021 of around £2.1 billion,” the agency said in a press release.

The outlook is negative.


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