Fitch rates Ryanair's notes BBB

Fitch assigned Ryanair DAC's €1.2 billion five-year 0.875% senior unsecured notes a rating of BBB.

The notes, which are guaranteed by Ryanair Holdings plc, are part of Ryanair DAC's €5 billion euro medium-term note program rated BBB.

The proceeds of the notes will be used for general corporate purposes, including refinancing of the €850 million eurobond due in June 2021.

The new bond issue enhances the company's solid liquidity and financial flexibility ahead of an expected recovery from the pandemic, which for RYA we expect to be faster than that of the sector.

The negative outlook reflects downside risk to demand recovery and travel restrictions due to the coronavirus pandemic, which may delay deleveraging to levels that are commensurate with the rating to beyond fiscal year to end-March 2023.

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