Moody’s, Fitch update Vista Global rating outlook

XOJET Challenger 300

Moody’s pegs Vista Global, parent of XO, XOJET Aviation, and VistaJet on review for a possible downgrade while Fitch revises its outlook to stable

Last week, Moody’s Investors Service placed the ratings of Vista Global Holding Ltd. and VistaJet Malta Finance P.L.C. on review for downgrade. The outlook on both entities has been changed to ratings under review from stable. Then yesterday, Fitch Ratings revised its outlook on its long-term Issuer Default Rating (IDR) to stable from negative and affirmed the IDR at ‘B.’

Fitch has also affirmed the senior unsecured rating on the outstanding $550 million 10.5% notes due 2024 issued by XO Management Holding, Inc. and VistaJet Malta Finance PLC at ‘B+’/RR3. The bonds are guaranteed by Vista and XO Group Holding Limited and VistaJet Group Holding Limited (VistaJet) and their main subsidiaries.

VistaJet, XO turned in record-setting performances in 2020

VistaJet XOJET

Vista Global’s VistaJet and XO each set sales records last year, according to the company

VistaJet Program memberships were up by 29% last year, the fastest growth in company history. Its jet card program starts at 50 hours per year, and with a fleet focused on large-cabin jets, customers typically spend over $500,000 per year. If that sounds impressive, sister provider XO reported memberships up 240% in 2020.

Wheels Up acquires private jet operator Mountain Aviation

Wheels Up Mountain Aviation

Wheels Up has acquired Mountain Aviation, the 10th largest U.S. Part 135 private jet operator, adding 59 private aircraft to its fleet

The deal makes Wheels Up the world’s largest Citation X operator and sets it up to be a major player in transcontinental private jet flights

Add Mountain Aviation to the list. After acquiring Delta Private Jets, Gama Aviation Signature, and TMC Jets over the past 19 months, Wheels Up has acquired the 10th largest private jet charter operator in the country.

XO has big plans under new owner Vista Global Holdings

XOJET XO

After buying XOJET and then JetSmarter, last year Vista Global Holdings merged the two companies to create XO. Newly appointed chief commercial officer Ron Silverman talks about what’s next…

Recently, Vista Global Holdings (VCH) moved its president of client experiences, Ron Silverman, to its XO unit as the chief commercial officer. A veteran of both Executive Jet Management and Wheels Up, Silverman joined VistaJet in 2014 to lead its launch into the North American market.

Our 3.5-hour billing cap on super-midsize aircraft is a phenomenal value and great opportunity for anyone traveling cross country. On a Citation X, it’s $31,625, including taxi time, with guaranteed availability.

Ron Silverman, chief commercial officer, XO

Now following VCH’s acquisition of XOJET and JetSmarter, and rebranding the combined duo as XO, chairman Thomas Flohr is promising an expansion of the brand to Europe, plus a range of new programs.

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