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TAP Air Portugal (TAPTRA; Ba3/BB-) Moody's Upgrade

TRANSPORTATION
  • Moody's upgraded it's snr unsecured (same as corporate family rating) to Ba3 overnight.
  • Single €375m 24's are due in Dec - Moody's gives no firm indication on if it will be refi'd.
  • Privatisation has been tabled but it does not see that or even partial divestment to be concluded in near-term. It gives no rating uplift for the Portugal government (LT: A3/A- Pos/A-) given little consistency over the decades (has added to and lowered its stake). It's at full ownership right now motivated by equity injections to help the airline during Covid.
  • S&P still gives a 1-notch uplift from standalone B+ (to BB-) which is down from the 2-notch uplift pre-privatisation talks emerging. Some valid points from S&P include the recent history of support and TAP as "one of the largest employers" and "the largest exporter of domestic services" in the country.
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