...July 1, 2020 MEXICO CITY (S&P Global Ratings) July 1, 2020--S&P Global Ratings took the rating action described above.S&P Global Ratings lowered its issuer credit and issue-level ratings on Grupo AeromTxico, S.A.B. de C.V. to 'D' from 'B-' a day after Aeromexico and certain of its subsidiaries and affiliates have filed for bankruptcy under Chapter 11 in New York. They did so in order to address the restructuring of Aeromexico's capital structure and resize its business model to adapt to post-COVID-19 growth prospects. The company aims to restructure its debt and lease liabilities by entering into a restructuring support agreement with most of its creditors to withstand the effects of current economic downturn. At this point, Aeromexico will continue to operate in the ordinary course of business and in accordance with existing permits and concessions throughout this process. We believe the company will probably be flying only at 50% of its capacity towards the end of the year. Therefore,...
