S&P upgrades AC rating to BB-From CIBC Aerospace weekly
S&P Upgrades AC’s Issuer Credit Rating
S&P Global Ratings raised AC’s issuer credit rating one notch from B+ to BB-, took up the issue level rating of AC’s secured debt from BB- to BB+, and raised issue-level ratings of several of AC’s enhanced equipment trust certificates. The rating agency noted that favourable pricing and traffic growth this year has contributed to lower debt levels and stronger sustained credit measures for AC. The rating agency maintains its positive outlook on AC. AC continues to prioritize its FCF toward deleveraging its balance sheet. At the end of Q3, its leverage ratio was 1.4x and we see the company exiting 2024 at ~1x.
Note from Tempo1: Moody's has upgrades Ac rating at Ba2 (one notch over the S&P) last october.