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Bond Market News
Aston Martin’s Secured Bonds Downgraded to CCC+ by Fitch
May 20, 2026
Aston Martin Capital Holdings’ senior secured debt was downgraded by a notch to CCC+ from B- by Fitch. The rating agency affirmed Aston Martin Lagonda Global Holdings PLC’s rating at CCC+. The downgrade stems from a new £50mn ($67mn) financing facility from the Yew Tree Consortium that ranks higher in Fitch’s recovery waterfall. This facility is secured against a previously unencumbered operating asset, thereby reducing recovery prospects for existing senior secured noteholders. Aston Martin’s liquidity however, remains a concern. The reported liquidity declined to £178mn ($238.5mn) in 1Q2026 from £250mn ($335mn) at end-FY2025. On the other hand, Aston Martin’s financial performance improved in 1Q2026. Gross margin expanded to 34.7% and the management maintained its 2026 guidance targeting gross margins in the high-30%s and an adjusted EBIT margin approaching breakeven. Fitch projects full-year negative FCF of around £180mn ($241.2mn), a material improvement from £422mn ($565.5mn) in FY2025. This improvement is supported by Valhalla deliveries, a more balanced production cadence, reduced capex, and ongoing cost transformation efforts. Fitch anticipates the company will require significant cash injections over the next four years and will likely depend on further shareholder support or debt financing in the near-to-medium term.
Its 10% 2029s were up 2.2 points to 83.5 cents on the dollar, yielding 17.6%.
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