Announcement of Periodic Review: Moody’s announces completion of a periodic review of ratings of Wizz Air Holdings plcGlobal Credit Research – 13 Jan 2022Frankfurt am Main, January 13, 2022 — Moody’s Investors Service (“Moody’s”) has completed a periodic review of the ratings of Wizz Air Holdings plc and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 12 January 2022 in which Moody’s reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody’s practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.Wizz Air’s Baa3 long term issuer rating reflects the company’s ultra-low-cost business model which underpins its superior cost position, as well as its strong liquidity throughout the pandemic, with E1.5 billion cash and short-term deposits on balance as of 30 September 2021. The rating is also supported by Wizz Air’s leading market position in Central and Eastern Europe (CEE).At the same time the rating is constrained by the company’ small scale relative to European peers and focus on CEE, material new aircraft orders over the next two to three years as well as by the lasting impact of the…