Fitch affirms Avio

Fitch Ratings said it affirmed Avio SpA's B+ senior unsecured debt rating, B short-term debt rating, BB senior secured debt rating, ASPropulsion Capital BV's B €200 million 9.625% senior notes due 2013 and Aero Invest 1 SA's B- €375 million floating-rate senior payment-in-kind notes due 2015.

The rating action follows Avio's announcement that it will refinance its €445 million senior secured bank facilities.

The outlook is stable.

Although the refinancing leaves Avio's total drawn debt position largely unchanged, it reduces its undrawn liquidity to €94 million from €150 million and shortens the senior secured debt's final maturity to five years, the agency said.

Fitch said this is balanced by Avio's historical ability to reduce debt and deliver a solid operating performance despite difficult conditions in some of its key markets.

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