S&P keeps Vista Global at B+

S&P Global has kept Vista Global’s rating at B+ as it expects the operator to expand its Challenger aircraft fleet.

The rating agency expects Vista Global to grow its S&P-adjusted EBITDA to between $790m and $810m in 2026 and $830m and $850m in 2027.

Vista had S&P-adjusted EBITDA of $770m in 2025 up from $714m in 2024. 

“While Vista Global’s operating performance met our prior expectations in fiscal 2025, credit ratios were weaker than we anticipated due to increased debt levels,” said S&P in a ratings report. S&P Ratings is viewing its $600m convertible equity as debt. 

The rating agency also kept its BB- rating for Vista’s $908m term loan (which has recently been upsized) and the single-B rating on its $2bn senior unsecured notes.

S&P says Vista’s sales grow by 5% in 2025 with flight hours up by a similar amount. It successfully grew its programme sales by 16%, with on-demand charter falling. The company was also hit by crew and parts shortages towards the end of 2025. 

“We expect Vista Global to prioritize debt-funded fleet expansion. To expand their Challenger 3500 Fleet and capture more demand from the Program segment, we expect Vista Global to issue debt incrementally each year,” says S&P. 

The rating agency says that the Middle East accounts for 8% of all Vista’s sales and that its floating fleet allows it to service other areas.