We continue to believe that Switzerland-based airline solutions provider gategroup Holding AG's credit metrics could strengthen in the next 12 months following reduced interest costs as a result of successful refinancing, and if, following material restructuring activities, gategroup can successfully implement its strategic plan to materially reduce operating costs. We are therefore affirming our 'BB-' long-term corporate credit rating on gategroup. The positive outlook reflects the potential for a one-notch upgrade in the next 12 months if gategroup demonstrates that it can successfully implement its strategic plan, leading to strengthened credit metrics for several quarters--such as funds from operations to debt above 20%. On April 4, 2016, Standard&Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating on
