Switzerland-based airline solutions provider, gategroup Holding AG, has repaid €100 million of its €350 million 6.75% high-yield bond with excess cash, and signed a new €240 million five-year revolving credit facility (RCF). This, in part, has led us to revise our assessment of the group's liquidity position to "strong" from "adequate." Furthermore, we believe that gategroup's credit metrics could strengthen in the next 12-18 months through a mix of improved operating results and reduced cash interest costs. We are affirming our 'BB-' long-term corporate credit rating on gategroup and our 'BB-' issue rating on the outstanding €250 million senior unsecured notes issued by wholly-owned subsidiary gategroup Finance (Luxembourg) S.A. The outlook remains positive, reflecting the potential for a one-notch upgrade
