Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of Voyager Aviation Holdings, LLC (Voyager) and Voyager Finance Co. to ‘RD’ (Restricted Default) from ‘C’, following the completion of the company’s debt restructuring on May 10, 2021, which Fitch viewed as a distressed debt exchange (DDE). Subsequent to the DDE, Fitch has upgraded Voyager and Voyager Finance Co.’s IDRs to ‘B’ from ‘RD’. The Rating Outlook is Stable. Concurrently, Fitch has upgraded the unsecured debt rating on the $6.2 million of notes maturing in August 2021 to ‘CCC+’/’RR6’ from ‘C’/’RR6’. Fitch has also upgraded the existing senior secured debt

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