Switzerland-based airline solutions provider, gategroup Holding AG (gategroup), is displaying credit metrics that are weaker than we had previously anticipated. Despite the ongoing restructuring efforts in its Airline Solutions business, we believe that gategroup will find it difficult to materially improve its debt-coverage ratios in 2013. We are therefore lowering our long-term corporate credit rating on gategroup to 'BB-' from 'BB'. At the same time, we are lowering our issue rating on the €350 million 6.75% senior unsecured notes due 2019 issued by wholly owned subsidiary, gategroup Finance (Luxembourg) S.A. The stable outlook reflects our view that gategroup's liquidity will remain sufficient for its debt-service and operational needs. On June 11, 2013, Standard&Poor's Ratings Services lowered to 'BB-'
