Fitch lowers Ryanair to BBB

Fitch Ratings said it downgraded Ryanair Holdings plc’s long-term issuer default rating and Ryanair DAC’s senior unsecured rating to BBB from BBB+.

“The downgrade reflects our updated macroeconomic and global aviation industry expectations, weakening RYA’s business and financial profile over the entire rating horizon. With a deep global recession in 2020 in Fitch’s baseline forecast affecting air-travel demand well beyond the ongoing restrictions related to the coronavirus pandemic, we now assume RYA’s revenue to recover close to its fiscal year to end-March 2020 (FY20) level only during FY23, leaving financial leverage weak for the previous rating level,” said Fitch in a press release.

The outlook is negative.

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