S&P elevates Avation ratings

S&P said it raised its long-term issuer credit rating on Avation plc to CCC from SD and raised the long-term issue rating on the company’s guaranteed senior notes to CCC- from D.

The developing outlook reflects the uncertainty around Avation's ability to refinance its upcoming maturities in a timely manner, though S&P said it could take a positive rating action if it successfully does so.

“The upgrade to CCC reflects our view that immediate risks have abated following the extension of Avation's US$342.6 million unsecured bonds,” S&P said in a news release.

“Still, the company's capital structure remains unsustainable over the next 12 months in the absence of an unforeseen positive development, in our view.”

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