April 6, 2020
Fitch Ratings has downgraded Avianca to C from CCC- after the Colombian airline deferred payments on loans and long-term leases to cushion the blow from travel restrictions during the coronavirus pandemic.
After the Colombian government grounded flights until at least April 12, Avianca said it had delayed loan payments and opened talks suppliers, lenders and other creditors to negotiate an installment plan under the current scenario.
"The announcement of loan payment deferrals indicates a defaul
Rating agency cuts the Colombian airline to C after deferred debt payments