...January 29, 2026 This report does not constitute a rating action. LONDON (S&P Global Ratings) Jan. 29, 2026--S&P Global Ratings today said that the proposed repricing of Aurora 2024 S.a.r.l.'s (ADB Safegate) 500 million term loan B (TLB) due June 2032 will slightly improve the company's cash interest costs but will not materially affect the company's credit profile. Given that we view this repricing transaction as leverage neutral, our ratings on ADB Safegate (B/Stable/--) and its debt are unchanged. The recovery rating of '3' on the company's term loan B reflects our expectation of modest recovery prospects (30%-50%; rounded estimate: 55%) in our hypothetical default scenario. There will be no major changes to the facility terms and conditions, and ADB Safegate will not raise additional capital. We expect ADB Safegate's revenue to continue to grow organically in 2026, driven by a strong backlog and secular tailwinds in passenger air traffic. At the same time, we expect that ADB Safegate's...
