Fitch downgrades Spirit Airlines’ Class B certificates

Fitch Ratings has downgraded Spirit Airlines’ 2017-1 class B certificates to B+ from BB. The downgrade is driven by Fitch’s recent downgrade of Spirit’s Issuer Default Rating (IDR) to CCC from B-. Fitch has also affirmed the 2017-1 class AA certificates at A+, the class A certificates at A and the 2015-1 class A certificates at A. According to Fitch, the class A certificates are supported by “healthy overcollateralization” with lan-to-values (LTVs) for both the 2017-1 and 2015-1 transactions that “remain relatively steady since Fitch’s last review, and base values for the A321s and A320s in these portfolios have performed