Fitch downgrades Western Global Airlines

Fitch Ratings has downgraded Western Global Airlines’ (WGA) Long-Term Issuer Default Rating (IDR) to ‘CCC-‘ from ‘B-‘. Fitch has also removed the IDR from Rating Watch Negative. Fitch has downgraded WGA’s senior unsecured notes to ‘CC’/’RR5’ from ‘B’/’RR3’. The rating agency stated that the downgrade was driven by further increases in liquidity and refinance risks given low aircraft activity with large parts of WGA’s fleet either stored or parked and limited flights to and from Asia. The downgrade also reflects the continued deterioration of capital markets access with WGA’s unsecured bonds currently trading at distressed levels, said Fitch. WGA’s liquidity