Airline caterer gategroup completed its restructuring, which included a five-year maturity extension of its existing debt and Swiss franc (CHF)500 million of new funds from its shareholders. gategroup's debt burden remains considerable, resulting in a highly leveraged financial profile, while its liquidity now benefits from shareholders' injection of funds and a longer dated debt maturity profile. We therefore raised our long-term issuer credit rating on gategroup to 'CCC+' from 'SD' (selective default). The stable outlook reflects our view that gategroup's liquidity position has improved but financial leverage will remain high for the next 12 months and the company is dependent upon favorable business, financial, and economic conditions to meet its financial commitments. The stable outlook reflects our view that gategroup's
