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S&P lowers Air Newco
S&P said it lowered the long-term corporate credit rating on Air Newco 5 SaRL to B- from B.
The agency also said it lowered the rating to B- from B on Air Newco LLC's first-lien loan and revolving credit facility.
The recovery rating on these debt instruments is 3, indicating 50% to 70% expected default recovery.
S&P also said it lowered the rating on the £128 million second-lien loan to CCC from CCC+. The recovery rating is unchanged at 6, indicating 0 to 10% expected default recovery.
The outlook is stable.
The downgrades follow Air Newco 5's weaker than previously anticipated operating performance in financial 2016, S&P said.
It also resulted in lower-than-expected interest coverage ratios and negative free cash flow generation, the agency said.
Air Newco was formed by Air Newco 5 as a holding company to acquire Advanced Computer Software Group.
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