S&P downgrades Avianca after bond swap

S&P downgrades Avianca after bond swap

Bonds Debt Capital Markets Fixed Income Colombia US

S&P Global has downgraded Avianca to CC from CCC, saying the Colombian airline faces delays in receiving a $250 million loan from United Airlines and Kingsland Holdings.Earlier this month, Avianca said it had swapped $550 million in 8.375% 2020 notes for the same amount in 9% 2023 notes, which unlocked the loan from its shareholders. The debt exchange covered 88.1% of the outstanding bonds, but the airline will still have to redeem the remaining 11.9% in May next year, S&P said. The rati

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