Spirit Airlines, Inc.: Update to credit analysis following downgrade to Caa1, outlook negative
Our credit view of this issuer reflects its limited cash flow generation and inefficient utilization of capacity because of accelerated GTF engine inspections.Spirit Airlines is an airline that provides travel opportunities principally throughout the domestic United States, the Caribbean and Latin America. The company's ultra low-cost carrier business model provides customers low, unbundled base fares with a range of optional services, allowing customers to choose their options. The majority of the company's tickets are sold through direct channels including online via www.spirit.com, its call center and its airport ticket counters, with www.spirit.com being the primary channel. The company also partners with a number of third parties to distribute its tickets, including online and travel agents and electronic global distribution systems.
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