S&P affirms Ryanair

S&P said it affirmed its BBB+ long-term corporate credit rating on Ryanair Holdings plc and its core subsidiary Ryanair DAC.

The outlook on both entities is stable.

At the same time, the agency affirmed its BBB+ long-term issue rating on Ryanair's two €850 million senior unsecured notes due in 2021 and 2023, and its €750 million senior unsecured notes also due in 2023, which were issued under its €5 billion medium-term note program.

S&P said the affirmation reflects its belief that Ryanair's financial strength is sufficient to cope with the operational challenges that have emerged following over-allocation of annual leave to standby pilots, which has resulted in significant flight cancellations.

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