Switzerland-based airline solutions provider gategroup Holding has announced its parent HNA Group's intention to execute an IPO of about 65% of gategroup's share capital. We believe that the success of the IPO is subject to execution risk and will depend on market conditions. If the IPO results in HNA Group's loss of control over gategroup, we could raise our rating on gategroup by multiple notches. We are therefore placing our 'B-' rating on gategroup on CreditWatch positive. On March 8, 2018, S&P Global Ratings placed its 'B-' long-term issuer credit rating on Switzerland-based airline solutions provider gategroup Holding AG on CreditWatch with positive implications. The positive CreditWatch placement follows gategroup's recent announcement that its parent Chinese conglomerate HNA Group intends
