In a report released yesterday, S&P Global updated its rating actions for VistaJet and XO parent company Vista Global Holding.
It followed reports from Fitch Ratings yesterday and KBRA last month about the privately held private jet flight provider.
S&P affirmed Vista Global at B+ while maintaining a negative outlook.
It gave Vista Global’s new proposed term loan a BB- rating.
‘Slower Improvement’
Per the latest report, “Slower improvement in operating performance than expected in 2024 resulted in its S&P Global Ratings-adjusted funds from operations (FFO) to debt remaining well below 12%.”
S&P continued, “We forecast that Vista Global’s operating performance will further improve over 2025-2026, although we see a risk that Vista Global might not be able to restore credit ratios consistent with a B+ rating.”
It added, “The recently announced $600 million convertible preferred equity issuance and proposed $500 million secured term loan to refinance aircraft…
