Wizz Air qualifies for UK coronavirus fund support

Wizz Air has obtained confirmation that it can take advantage of the UK govt’s support scheme for companies affected by the coronavirus crisis. Wizz Air says it has been assured it is an “eligible issuer” under the Covid Corporate Financing Facility. The airline has not specified the quantity of funding available, referring simply to the govt’s indicative limits for issue of commercial paper. These limits are based largely on credit ratings. Wizz Air’s credit rating was listed by Moody’s as ‘Baa3’ and by Fitch as ‘BBB’ before the crisis, which suggests – according to the financing facility’s criteria – that it would qualify for an initial GBP300m. The carrier says it “remains focused” on strengthening its “robust balance sheet”, pointing out that it ended March with E1.5b of cash. <br/>