S&P trims Travelport

S&P said it lowered its ratings on Travelport parent Toro Private Holdings I and its finance subsidiary Travelport Finance (Luxembourg) Sarl to CC from CCC. The agency also lowered the ratings on the first-lien facilities to CC from CCC and second-lien loan to C from CC.

The agency also placed all its ratings for the companies on CreditWatch with negative implications.

“The downgrade follows Travelport’s announcement of a debt restructuring plan. U.K.-based Travelport announced on Sept. 17, 2020, that it has agreed with an ad hoc lender group on a debt exchange and restructuring, which includes a new $500 million priority lien facility. The restructuring plan will also release the parties from all related litigation and claims against each other,” S&P said in a press release.

S&P said it views the exchange as distressed. The CreditWatch indicates the agency will downgrade Travelport to SD and its outstanding debt to D once the debt restructuring is completed, which is expected to occur by Sept. 24, S&P said.

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