DBRS upgrades Voyager Aviation

DBRS said it upgraded the long-term issuer rating of Voyager Aviation Holdings, LLC, along with its primary debt issuing subsidiary, Voyager Finance Co. to B (low) from SD.

“The ratings action considers Voyager’s modest franchise in a niche market of commercial aircraft leasing and its aircraft portfolio of largely young, widebody aircraft that are on long-term lease with flag carriers. Also, the ratings action factors in the company’s improved leverage profile following the May 2021 debt restructuring as well as modest near-term funding requirements given the largely matched funding base. Ratings also take into account Voyager’s weak earnings generation ability, highly concentrated customer base and narrow funding profile,” DBRS said in a press release.

The trend is stable.

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