Fitch has also downgraded airBaltic's senior secured long-term bond rating of EUR 380 million from B to B-. The recovery rating is RR3.
The credit rating downgrade reflects a higher-than-expected leverage ratio and weaker financial flexibility, which will require significant external financing over the next 12 months. It also reflects uncertainty about the timing and proceeds of the planned initial public offering (IPO). The company's 2025 operating results have been weaker than ex...