Aston Martin (Lagonda) - comment
Ahead of our LME discussion on Aston Martin today, we note that Fitch has downgraded the AML SSNs to CCC+ as a result of the £50m (undrawn) super senior facility being provided to the company by the Yew Tree Consortium. We agree with Fitch’s comments about the tightness of liquidity and the tough trading environment. The facility was announced at the end of April, so we expect the news to have only a minor impact on the bonds; both S&P and Moody’s already had AML in CCC territory, so forced sellers will be thin on the ground.