Fitch rates Ryanair notes BBB+

Fitch Ratings said it assigned a final rating of BBB+ to Ryanair Ltd.’s €850 million seven-year senior unsecured notes.

The notes, which are guaranteed by Ryanair Holdings plc, are part of Ryanair Ltd.’s €3 billion euro medium-term note program.

The proceeds will be used for general corporate purposes, including for funding Ryanair’s upcoming aircraft deliveries, which will support its fleet expansion and help maintain a low average fleet age, Fitch said.

The rating on the notes is aligned with the company’s BBB+ issuer default rating despite potential subordination to Ryanair’s existing €3.1 billion of debt, which is mainly secured by the existing aircraft fleet, the agency said.

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