Moody's upgrades Qantas

Moody's Investors Service said it upgraded the senior ratings of Qantas Airways Ltd. to Ba1 from Ba2 and affirmed its Ba1 corporate family rating. The outlook is positive.

"The upgrade of Qantas' senior unsecured rating to Ba1 reflects the considerable progress Qantas has made in improving its financial and operating profile, which has allowed the company to reduce debt levels including secured debt in its capital structure,” Matthew Moore, a Moody's vice president and senior credit officer, said in an agency news release. "This combined with increases in the unencumbered fleet has improved Moody's expectations for loss given default for Qantas' senior unsecured debt".

The positive outlook captures Moody's expectation that the current positive conditions in the domestic market will be maintained and that Qantas will continue to maintain strong levels of liquidity.

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