Fitch downgrades Virgin Australia  

Fitch Ratings has downgraded Virgin Australia Holdings Limited’s long-term foreign-currency issuer default rating  to ‘CCC-‘ from ‘B-‘ due to the increasing uncertainty around whether the airline will be able to obtain additional financing to ensure it has sufficient liquidity while the coronavirus-related travel restrictions in Australia remain in place. The rating action follows the company’s announcement that it is in discussions on restructuring alternatives. While Fitch believes that the company continues to work on financial assistance, the agency stated that travel curbs to contain the COVID-19 pandemic are increasingly straining its liquidity such that default is a real possibility. “Virgin Australia’s