S&P cuts Voyager Aviation

S&P said it lowered Voyager Aviation Holdings LLC to CCC- from CCC and its senior unsecured notes to C from CC. The recovery rating remains 6.

“The downgrade follows Voyager's announcement that it intends to restructure its debt. On Feb. 17, 2021, Voyager announced that it has reached an agreement in principle with a majority of its bondholders and all its equity holders to commence a debt restructuring transaction,” S&P said in a press release.

Voyager’s $415 million of 8½% senior unsecured notes mature in August.

S&P also placed all of Voyager’s ratings on CreditWatch with negative implications. “The CreditWatch placement reflects the likelihood of a further downgrade to CC if, when terms of the restructuring are available, we conclude they will be equivalent to a distressed exchange and tantamount to default when implemented,” the agency said.

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