The most recent sign of Avianca Holdings' cash crunch was announced May 13 when S&P Global Ratings lowered its credit rating of the Bogotá-based airline from B to CCC+ as well as lowering the frequent flyer mileage and points program LifeMiles LTD to B from BB-. "All ratings for the airline were placed on CreditWatch with negative implications," stated S&P in its press release, and given uncertainty regarding the company's timeline to meet its debt obligations by May 2020. According to S&P, "if end-market demand deteriorates or financial markets weaken, we believe Avianca would face difficulties securing new financing." Avianca's financial woes began in November 2018 when the airline unveiled a joint venture agreement with United Airlines. In order for the alliance to advance, Avianca's main shareholders BRW Aviation, secured a loan of US$456 million from the U.S carrier, backed by equity and 516 million shares in Avianca stock.