S&P gives B to Intrepid Aviation notes

S&P said it assigned its B+ issuer credit rating to Intrepid Aviation Group Holdings, LLC. The outlook is stable.

At the same time, the agency assigned a B issue-level and 5 recovery rating to the company's proposed $515 million senior unsecured notes due 2021. The 5 recovery rating indicates an expectation for modest recovery (10%-30%; rounded estimate: 10%) in the event of a default.

“The rating on Intrepid reflects the company's small scale and concentrated fleet,” S&P said in a news release.

“These weaknesses are somewhat tempered by good cash flow visibility resulting from Intrepid's long-term leases that averaged 7.9 years of remaining lease term, as of March 31, 2018,” S&P noted.

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