Parent Avia Solutions Group’s bond ratings are ‘one notch above those of several large global carriers, including American Airlines’.
Avia Solutions Group, the parent of private jet charter broker Chapman Freeborn, says the group is not affected by the shutdown last month of its Ascend Airways UK subsidiary.
According to Aviation Week, Ascend Airways UK “filed for administration, suspended operations, and is in the process of returning aircraft in the face of high fuel prices and airline capacity cuts.”
Dublin, Ireland-headquartered Avia Solutions Group bills itself as “the world’s largest ACMI.”
ACMI is short for aircraft, crew, maintenance, and insurance.
According to the Avia Solutions website, the company has over 250 subsidiaries and around 11,000 employees.
Avia Solutions bought private jet broker Chapman Freeborn in 2019.
At the time, Avia Solutions stated combined revenues at “€800 million for 2018.”
It forecast revenues to exceed €1 billion in 2019.
Back then, Avia Solutions Group had 66 companies and “approximately 3,300 professionals in total.”
Preliminary 2025 financials show €2,189 million in revenues.
The group was in the news following the collapse of SmartLynx Airlines Latvia in November 2025.
That failure came shortly after Avia Solutions Group sold the airline.
The buyer was described as a Dutch “distressed asset fund.”
In December, S&P Global revised its outlook from stable to negative due to rising recovery risk in credit metrics.
It also affirmed its BB- rating.
Avia Solutions Group Chief Communications Officer Silvija Sileike tells Private Jet Card Comparisons, “ASG has a broad ecosystem and a strong, diversified portfolio, with airlines representing just one part of the business.”
She continues, “The group’s credit profile, currently rated BB by Fitch and BB- by S&P, remains positioned toward the upper end of the aviation sector.”
Sileike says, “The Group continues to enjoy consistent access to international capital markets, supported by stable investor demand.”
Per Sileike:
‘For context, the group’s ratings are one notch above those of several large global carriers, including American Airlines, which is typically rated in the B+ category. Overall, the ratings reflect the group’s stable operating profile and long-term commercial viability. The Chapman Freeborn Group itself has a strong, diverse portfolio of services across cargo, commercial jets, and business aviation. It is a global entity working in regions that are either not impacted by or are profiting from current market situations, which provides stability during these times. The company adheres to rigorous financial oversight and jurisdictional regulations.’
In addition to private jet charter, Chapman Freeborn organizes charter and group charters.
In March, Avia Solutions Group released preliminary results for 2025.
Revenues increased 4% to €2,189 million while Adjusted EBITDA grew to €350 million, an 8% year-over-year increase.
The company forecast 2026 revenues “to grow by approximately 10%” compared to 2025.
It credits “increased capacity in the MRO segment, recovery in air cargo brokerage activities, improved utilization of the operational passenger fleet, though in continued market normalization in the ACMI segment.”
Regarding SmartLynx, “The Group recognized a €139 million provision in Q4 2025 in relation to group credit exposure to SmartLynx, reflecting no recovery expected for accounting purposes at that time.”
It added, “On a net basis, the impact of the divestment on Q4 2025 P&L is expected to be slightly positive, reflecting deconsolidation and associated effects.”
The company added, “Notwithstanding the provision, ASG expects to recover part of its investment from the insolvency process of SmartLynx Latvia, being the largest creditor.”
It said, “The statutory process for submitting creditor claims to the bankruptcy administrator in Latvia is ongoing.”
It added, “ASG management is not aware of any formal claims, legal proceedings, or investigations that have been brought against the Group in relation to Smartlynx disposal.”
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