S&P downgrades Avianca

S&P said it lowered the issuer credit rating on Avianca Holdings SA to CCC+ from B, along with the ratings to CCC from B-.

The agency also said it lowered the issuer credit rating on LifeMiles Ltd. and the rating on the company's senior secured term loan to B from BB-.

S&P said it placed all of the ratings on CreditWatch with negative implications.

Avianca's plan to refinance its $550 million senior unsecured notes due May 10, 2020 has taken longer than expected, so the agency said it believes the company faces a higher refinancing risk.

The negative watch listing reflects the potential for an additional downgrade stemming from the uncertainty about the timing and outcome of the company's plan to address its 2020 debt maturities, the agency said.

DBRS rates Bankia debt BBB

DBRS said it assigned ratings to Bankia SA’s senior non-preferred debt at BBB and subordinated debt at BBB (low).

These instruments are included in the bank’s €30 billion and €10 billion programs.

DBRS also said it assigned a BB (low) rating to the additional tier 1 instruments of Bankia.

All of the ratings have a stable trend.

The debt will be rated one notch lower than the bank’s long-term issuer rating and intrinsic assessment of BBB (high).

The subordinated debt issued under the program will be rated two notches lower than Bankia’s intrinsic assessment, the agency said.

The ratings consider the probability of the bank, tripping the capital trigger, DBRS said.

S&P rates MetLife notes A-

S&P said it assigned an A- senior unsecured debt rating to MetLife Inc.'s proposed senior notes issuance.

The proceeds will be used to fund the early redemption of its upcoming senior notes due in 2020 and 2021 and for general corporate purposes, S&P said.

As per the offering prospectus, these senior notes will be yen-denominated unsecured obligations of MetLife and will rank equally in right of payment with other senior notes and all of MetLife's existing and future unsecured and unsubordinated debt, the agency said.

Also, there are no financial covenants in the indenture and these senior notes are not guaranteed by any of the company's operating subsidiaries, S&P said.

MET will use the proceeds to repay existing debt, but the agency said it expects financial leverage to remain in the 30% to 35% range through 2020, the agency said.

S&P said it expects modest improvement in EBITDA fixed-charge coverage to about 6x to 7x.

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