S&P Global Ratings has downgraded to ‘CCC’ from ‘CCC+’ as the company struggles with its debt and liquidity position. S&P said: “In our view, recent events indicate a rising probability of a restructuring that we consider tantamount to a distressed exchange in the next 12 months. Spirit’s looming maturities include a $1.1 billon loyalty bond due in September 2025 and a $500 million convertible note due in 2026.” After the $3.8bn JetBlue merger was terminated in March, Spirit had retained advisors to assess options to refinance upcoming maturities. It added: “We believe Spirit will face a significant liquidity shortfall as

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