Moody's downgrades Qantas

Moody's Investors Service said it lowered the long-term senior unsecured rating of Qantas Airways Ltd. to Baa3 from Baa2. The short-term rating has also been lowered to P-3, from P-2.

The outlook is stable.

"The ratings downgrade reflects Moody's expectation of ongoing pressure on Qantas' credit profile from the combined effects of high fuel prices, strong competition and difficult operating environment," Moody's vice president and senior credit officer Ian Lewis said in a news release. "Qantas' credit profile had been subject to ongoing pressure over several years and more particularly since March 2011 when the outlook was changed to negative. These factors are behind the rating downgrade."

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