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Moody’s reviews American Airlines for trim
Moody’s Investors Service said it placed its ratings for American Airlines Group Inc. and its subsidiaries, including the Ba3 corporate family rating on review for downgrade. Additionally, the speculative grade liquidity rating changed to SGL-2 from SGL-1.
The rapid and widening spread of the coronavirus outbreak, the deteriorating global economic outlook, falling oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented, the agency said.
The passenger airline sector has been one of the sectors most significantly affected by the shock given its exposure to travel restrictions and sensitivity to consumer demand and sentiment. More specifically, American is vulnerable to shifts in market sentiment in these unprecedented operating conditions, and the company remains vulnerable to the outbreak continuing to spread, Moody’s said.
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