ARAPLAssociations Régionales Agréées de l'Union des Professions Libérales (French: Authorised Regional Associations of the Union of Liberal Professions)
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Given ARAPL's capacity utilisation of some 45% in fiscal 2009, Fitch considers that it will require significant improvement to achieve net profits on a sustained basis.
Furthermore, ARAPL's private air charter industry is characterised by high capital intensity, volatile business tied to overall economic activity and highly competitive with various competing operators and large corporate groups having own aircrafts for their top managements, Fitch noted.
The rating may be downgraded by a potential debt-led capital expenditures and/or a decline in EBITDAR, which would result in a deterioration of ARAPL's financial leverage.