Spirit Airlines has seen its creditworthiness downgraded by Moody’s due to borrowing $275 million from a revolving credit facility to avoid a cash crisis. The airline drew on the facility to extend a deadline for its credit card processing agreement with US Bank, which had posed a risk of bankruptcy. The downgrade reduces Spirit’s rating two notches to Caa3.
Source: https://www.bloomberg.com/news/articles/2025-08-22/spirit-downgraded-after-borrowing-cash-to-reduce-default-risk