Moody's lifts Qantas Airways

Moody's Investors Service said it upgraded the issuer, senior unsecured debt and backed senior unsecured bank credit facility ratings of Qantas Airways Ltd. to Baa2 from Baa3.

Moody's also said it upgraded Qantas' senior unsecured medium-term notes program ratings to provisional Baa2 from provisional Baa3.

The outlook is stable.

While the agency said it expects Qantas' credit metrics to remain fairly stable for the next 12 to 18 months, the upgrade reflects a greater focus on qualitative factors.

This includes the unique traits of the Australian continent and airline market, Qantas Group's strong domestic position and diversification provided by the loyalty program, Moody's said.

S&P also said it factors in the reduction in credit risk through its hedging policy and financial framework.

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