Fitch Upgrades Spirit Airlines to 'CCC+'; Assigns Exit Note Rating of 'B-'/'RR3'
March 13 (Reuters) - Fitch:
FITCH UPGRADES SPIRIT AIRLINES TO 'CCC+'; ASSIGNS EXIT NOTE RATING OF 'B-'/'RR3'
FITCH: EXPECTS SPIRIT'S LIQUIDITY TO REMAIN SUFFICIENT IN NEAR TERM
FITCH: BELIEVES SPIRIT AIRLINES LEVERAGE WILL REMAIN CONSTRAINT ON RATING AT LEAST THROUGH 2026
FITCH: SEES SPIRIT'S LIQUIDITY PRESSURE COULD ARISE BEYOND 2025 IF CO'S PROJECTED PROFIT IMPROVEMENTS FAIL TO MATERIALIZE
FITCH: VIEWS SPIRIT AIRLINES' STRATEGIC SHIFT AS HAVING MERIT, BUT EXECUTION RISKS ARE HIGH
FITCH: EXPECTS SPIRIT AIRLINES TO GENERATE LOSSES AT EBIT LEVEL IN 2025 AND POTENTIALLY THROUGH 2026
FITCH: EXPECT SPIRIT TO GENERATE MODESTLY POSITIVE CASH FLOW FROM OPERATIONS IN 2026
FITCH: VIEWS SPIRIT AIRLINES' CAPACITY CONSTRAINT AS NECESSARY STEP TOWARDS IMPROVING PROFITABILITY, BUT TO ALSO CONTRIBUTE TO UNIT COST HEADWINDS
FITCH: EXPECTS SPIRIT AIRLINES' EFFICIENCY TO INCREASE IN 2026 AND BEYOND AS CO IS ABLE TO INCREASE UTILIZATION OF ITS A320 NEO FAMILY OF AIRCRAFT
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