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On December 16, 2020, S&P Global Ratings lowered its issuer credit rating Voyager Aviation Holdings, LLC to CCC from CCC+ and its senior unsecured notes rating to CC from CCC-. The ratings agency remains concerned about Voyager's prospects for refinancing its $415 million of senior unsecured notes and believes it may engage in a transaction that would consider a distressed exchange or restructuring. The Company now has only about eight months until its $415 million of senior unsecured notes mature on August 15, 2021. Unlike most other rated aircraft lessors, which have substantial unencumbered assets, access to credit facilities and have recently raised large amounts of unsecured debt, Voyager does not have unencumbered assets or access to any credit facilities, S&P Global states.
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