S&P downgrades Avianca

S&P downgrades Avianca

Bonds Debt Capital Markets Fixed Income M&A Colombia Andean US Brazil

S&P Global has downgraded Avianca to CCC+ with a negative outlook, saying the Colombian airline is taking longer than expected to refinance $550m in bonds. The rating agency added that it could downgrade Avianca again if the airline does not refinance the 2020 notes within the next three months. The airline initially sold $300m in seven-year notes at 8.625% in May 2013. It added $250m at 7.44% in April 2014. After Avianca announced a partnership with United Airlines in November last year, it

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