Bogotá D.C., May 13, 2019
The Company informs
that S&P Global Ratings has downgraded Avianca Holdings S.A. from B to CCC+, while reducing its rating outlook from Stable to Negative. The full report issued by S&P Global Ratings is available on the Companys
website (www.aviancaholdings.com) under Investor RelationsAvianca Holdings S.A. IssuancesBond Documents.
The report issued
by S&P states that Aviancas plans to refinance its $550 million senior unsecured notes has taken longer than expected, given several reasons. S&P believes Avianca faces a higher refinancing risk due to the approaching maturity of
its $550 million senior unsecured notes on May 10, 2020, and potential implications in the cost of financing. S&P states that the Company is addressing this refinancing risk to improve its debt maturity profile and liquidity prospects
and that it could raise its ratings on Avianca Holdings if the Company successfully refinances its 2020 Notes.
As Avianca Holdings reported on May 6,
2019, the board of directors authorized the management of the Company on May 2, 2019, to proceed with a liability management transaction in relation to its outstanding 8.375% notes due 2020.
For further information please contact:
ext. 2474, 1349
ABOUT AVIANCA HOLDINGS S.A.
The terms Avianca Holdings or the Company refer to the consolidated entity. The original source-language text of this announcement is
the official, authoritative version, Translations are provided as an accommodation only, and should be cross-referenced with the source-language text, which is the only version of the text intended to have legal effect.
Avianca Holdings S.A. (NYSE: AVH) (BVC:PFAVH) comprises the airlines: Aerovías del Continente Americano S.A.Avianca, Tampa Cargo S.A.,
incorporated in Colombia, Aerolineas Galapagos S.A.Aerogal, incorporated in Ecuador, and the TACA Group companies: TACA International Airlines S.A., incorporated in El Salvador, Lineas Aereas Costarricenses S.A.LACSA, incorporated in
Costa Rica, Transamérican Airlines S.A.TACA Perú, incorporated in Perú, Servicios Aéreos Nacionales S.A.SANSA, incorporated in Costa Rica, Aerotaxis La Costeña S.A., incorporated in Nicaragua, and
Isleña de Inversiones S.A. de C.V.ISLEÑA, incorporated in Honduras.