Fitch downgrades Avianca

Fitch downgrades Avianca

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Fitch Ratings said it has downgraded Avianca Holdings to B- from B, saying the airline faces "persistently high leverage ratios, limited financial flexibility and high refinancing risks." Fitch said it expects Avianca's debt levels to reach roughly 6.7x EBITDA in 2019 and 6.3x in 2020, compared to 6.6x in 2018 and 7.5x in 2017. The rating agency also put a negative outlook on Avianca's ratings because the airline faces higher refinancing risks for its $550m in bonds due in May next year. The air

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