Fitch ups Vista, gives notes BB-

Fitch Ratings said it upgraded Vista Global Holdings Ltd.'s long-term issuer default rating to B+ from B and assigned its planned $800 million of notes an expected BB- rating with an RR3 recovery rating.

“The upgrade reflects Vista Global's improved operational performance exceeding pre-pandemic levels, with a significantly larger customer base strengthening earnings visibility, accelerated deleveraging and a structural shift in demand in favor of private aviation,” Fitch said in a press release.

Subsidiaries XO Management Holding, Inc. and VistaJet Malta Finance plc, will issue the notes that will be guaranteed by Vista Global and key operating companies of XO Group Holding Ltd. and VistaJet Group Holding Ltd.

Vista will use the proceeds to fully prepay outstanding notes. “We expect the issue will lower its cost of debt, extend its maturity profile and have little impact on leverage metrics,” Fitch said.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.