Moody’s upgrades Qantas

Moody’s Investors Service said it upgraded the senior unsecured ratings of Qantas Airways Ltd. to Baa3 from Ba1.

The agency also said it assigned a senior unsecured issuer rating of Baa3 and upgraded the company’s short term ratings to P-3 from NP (not prime) and its program ratings to provisional Baa3 and provisional P-3 from provisional Ba1 and provisional NP (not prime).

Moody’s also said it withdrew Qantas’ Ba1 corporate family rating.

The outlook is stable.

The upgrade of the senior unsecured rating is based on the significant reduction in leverage since 2015 on the back of lower fuel prices and continued success of its transformation program, as well as a reduction in debt by A$1 billion from the level in 2014, Moody’s said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.