DBRS assigns Dollarama notes BBB

DBRS said it assigned a rating of BBB with a stable trend to Dollarama Inc.’s C$300 million 1.505% senior unsecured notes due Sept. 20, 2027. The offering closed on Friday.

The rating is based on an already-outstanding debt series of the debt mentioned above, DBRS said.

Dollarama intends to use the proceeds to repay the C$300 million of its outstanding series 3 floating-rate senior unsecured notes due Feb. 1, 2021, and for general corporate purposes.

Fitch rates Encore notes BBB-

Fitch Ratings said it assigned Encore Capital Group, Inc.’s outstanding $156.32 million 5.625% super-senior private placement notes a rating of BBB-. The notes are part of Encore’s original $325 million issue due August 2024.

“Under the new global funding structure announced by Encore on 1 Sept. 1, 2020, the 5.625% super-senior private placement notes rank equal with Encore’s amended multi-currency revolving credit facility and super-senior to other senior secured debt,” Fitch said in a press release.

The notes are notched up once from Encore’s BB+ issuer rating, reflecting Fitch’s expectation of above-average recovery prospects, the agency said.

Moody’s revises AerCap view to negative

Moody’s Investors Service revised the outlook to negative from under review and confirmed the Baa3 backed long-term issuer rating of AerCap Holdings NV and the Baa3 senior unsecured ratings of subsidiaries AerCap Ireland Capital DAC, AerCap Global Aviation Trust (senior unsecured shelf (P)Baa3) and International Lease Finance Corp.

These actions conclude Moody’s review of AerCap’s ratings started on June 1 to evaluate the effect of the global downturn in air travel on the company’s credit profile.

“AerCap’s negative outlook reflects Moody’s expectations of a more extended and weaker recovery in air travel that results in higher risks to earnings, cash flow, liquidity and capital positions,” the agency said in a press release.

Moody’s changes Aircastle view to negative

Moody’s Investors Service said it changed the outlook to negative from under review and affirmed the Baa3 senior unsecured rating of Aircastle Ltd.

These actions conclude the review started on June 1, the agency said.

“Aircastle’s negative outlook reflects Moody’s expectations of a more extended and weaker recovery in air travel that results in higher risks to earnings, cash flow, liquidity and capital positions,” Moody’s said in a press release.

Moody’s revises Aviation Capital view to negative

Moody’s Investors Service said it changed the outlook to negative from under review and confirmed the Baa2 ratings of Aviation Capital Group LLC.

The outlook revision and confirmation conclude the review started on June 1, Moody’s said.

“ACG’s negative outlook reflects Moody’s expectations of a more extended and weaker recovery in air travel that results in higher risks to earnings, cash flow, liquidity and capital positions,” the agency said in a press release.

Moody’s revises Avolon view to negative

Moody’s Investors Service said it revised the outlook to negative from under review and confirmed the Baa3 backed long-term issuer rating of Avolon Holdings Ltd. and the Baa3 backed long-term senior unsecured ratings of subsidiaries Avolon Holdings Funding Ltd. and Park Aerospace Holdings Ltd.

Moody’s also confirmed the senior secured bank facility ratings at Baa2.

These actions conclude Moody’s review of Avolon started on June 1to evaluate the effect of the global downturn in air travel on the company’s credit profile.

“Avolon’s negative outlook reflects Moody’s expectations of a more extended and weaker recovery in air travel that results in higher risks to earnings, cash flow, liquidity and capital positions,” the agency said in a press release.

S&P revises Marathon Oil view to stable

S&P said it revised the outlook for Marathon Oil Corp. to stable from negative and affirmed its ratings, including the BBB- issuer rating.

“The stable outlook reflects our expectation that FFO/debt will stay above 30% for the next two years, with some cushion for moderate price volatility. We expect Marathon to maintain conservative financial policies that focus on free cash flow generation to support debt repayment and shareholder returns,” S&P said in a press release.

S&P rates AusNet notes BBB

S&P said it assigned its BBB long-term issue rating to the non-call five-year subordinated notes due 2080 to be issued by AusNet Services Holdings Pty. Ltd., a wholly owned subsidiary of AusNet Services Ltd.

The notes will benefit from a subordinated guarantee from AusNet’s guarantor group, the same as in its senior debt structure, covering timely payment when due and payable, unless deferred.

“We have rated the subordinated notes two notches below the long-term issuer credit rating on AusNet to reflect the notes’ subordinated status and optional deferability. The notes are part of the company’s capital management initiatives to support its balance sheet ahead of its regulatory reset in the next two years and fund its capital expenditure,” S&P said in a press release.

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