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S&P changes Air Canada view
S&P said it revised the outlook on Air Canada to positive from stable and affirmed the BB- long-term corporate credit rating.
In addition, the agency affirmed the BB+ issue-level rating on Air Canada's credit facility, term loan and secured notes. The 1 recovery rating is unchanged, and indicates an expectation of very high (90%-100%; rounded estimate 95%) recovery in default.
S&P also affirmed the BB- issue-level rating on the company's unsecured debt. The 3 recovery rating (50%-70% expected recovery; rounded estimate 65%) is unchanged.
Finally, the agency affirmed its various ratings on Air Canada's enhanced equipment trust certificates.
“The outlook revision reflects the increased potential for an upgrade with continued improvement in the company's credit metrics, especially funds from operations (FFO)-to-debt and free operating cash flow (FOCF)-to-debt,” S&P said in a news release.
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