Virgin Australia S&P Downgrade March 2020

On 16 March 2020, S&P Global Ratings (S&P) downgraded its corporate rating on Virgin Australia Holdings Ltd (VAH, Company) by two notches. At the same time S&P downgraded its rating on the Company's senior unsecured notes and affirmed the recovery rating on the notes. S&P placed VAH’s ratings on CreditWatch Negative. The rating action, which in and of itself wasn’t a surprise, is reflective of a view that the Covid-19 fuelled rapid deterioration in the international airline market has spread through to the Australian domestic market.