S&P lowers Bahia De Las Isletas

S&P said it lowered the ratings on Bahia De Las Isletas and its core subsidiary Naviera Armas to B- from B as well as on Bahia's senior-secured debt, keeping the recovery rating at 3, which indicates an expectation of about 65% recovery in a default.

Citing the global Covid-19 pandemic, S&P said it sees the company’s results and liquidity weakening because of lower passenger volumes in the coming months.

The outlook is negative.

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