S&P trims Travelport

S&P said it downgraded Toro Private Holdings I, Ltd. and its finance subsidiary Travelport Finance to SD from CC, citing a completed debt exchange and restructuring.

The agency also lowered the ratings on the first-lien facilities (comprising $2.8 billion term loans due 2026 and a $150 million revolving credit facility due 2024) and the $500 million second-lien term loan to D from CC and C, respectively, because they were subject to exchange.

S&P said all ratings are removed from CreditWatch with negative implications due to the default rating level.

“We will reassess Travelport's ratings in the coming days. We are reviewing Travelport's new capital structure, comprising a $1.63 billion priority-lien term loan (including $500 million of new funding) due February 2025 and a $2.05 billion first-lien term loan due May 2026,” the agency said in a press release.

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