S&P gives B to Swissport notes

Standard & Poor's said it affirmed its B long-term corporate credit rating on Aguila 3 SA (Swissport). The outlook is stable.

At the same time, S&P affirmed its B issue rating on Swissport's CHF 350 million and $555 million 7 7/8% senior secured notes due 2018. The recovery rating on these notes is 4, indicating an expectation of average (30%-50%) recovery prospects in the event of a payment default.

In addition, S&P assigned a B issue rating to Swissport's proposed $390 million senior secured notes due 2018. The recovery rating on the proposed notes is 4, indicating an expectation of average (30%-50%) recovery prospects for noteholders in the event of a payment default.

The affirmation follows Swissport's announcement of its planned acquisition of Servisair SAS. The affirmation reflects S&P's review of Swissport's financial information and planned funding of the acquisition.

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