Avianca enters triple-C turbulence after refi take-off delay

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By Oliver West
15 May 2019

Colombian airline Avianca is taking longer than expected to refinance a $550m senior unsecured bond coming due in less than a year, triggering ratings agency S&P into cutting the borrower's credit rating, driving up the yield on the note.

The global credit scorer slashed Avianca Holdings’ issuer rating from B to CCC+, its debt rating from B- to CCC, and placed all ratings on negative credit watch. A further rating downgrade could arise given the “uncertainty about the timing and outcome” of the company’s plans to refinance ...

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