Fitch assigns BBB+ to Ryanair notes

Fitch Ratings said it assigned Ryanair DAC's new €750 million senior unsecured notes a rating of BBB+.

The notes, which will be guaranteed by Ryanair Holdings plc, are part of Ryanair DAC's €3 billion euro medium-term note program.

Proceeds will be used for general corporate purposes, including enhancing liquidity.

Fitch said it expects the debt issuance will have little impact on Ryanair Holdings’ net debt position.

The rating is aligned with Ryanair Holdings’ BBB+ long-term issuer default rating. Ryanair Holdings has a high proportion of secured debt in gross debt, however, the ratio of prior ranking debt to EBITDA is well below Fitch's threshold of 2 times to 2.5 times.

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