Island Air: Did the Airports Division bamboozle Fitch Ratings? | WHAT REALLY HAPPENED


Island Air: Did the Airports Division bamboozle Fitch Ratings?

This is where it gets interesting.

With repossessors seizing its airplanes, Island Air filed for bankruptcy protection October 16, 2017. Ten days later, Fitch’s upgrade stated, “The Airports Division expects near-term traffic results will be better than projected due to Island Air expanding interisland traffic, more than doubling capacity over last year….” Island Air cancelled all flights and shut down operations on November 10, 2017.

Perhaps Fitch’s research was conducted before Island Air’s crisis was known?

No.

The Airports Division had to have known about financial difficulties at Island Air for several months now. KHON November 10, 2017 reports, “Island Air’s financials reveal mounting bills with state as largest unsecured creditor:”

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