Toronto, May 14, 2019 -- Moody's Investors Service ("Moody's") has placed WestJet Airlines Ltd.'s ("WestJet") Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating (PDR) and its Ba2 Senior Unsecured rating on review for possible downgrade. WestJet's SGL-2 speculative grade liquidity rating remains unchanged. The outlook has been changed to rating under review from stable.

The ratings review follows the announcement that WestJet has entered into a definitive agreement to be acquired by Onex Corporation ("Onex"). The transaction value is approximately C$5 billion including assumed debt.