Moody's lowers British Air

Moody's Investors Service said it lowered the corporate family and probability-of-default ratings of British Airways plc to Ba2 and its senior unsecured and subordinate ratings to Ba3 and B1, respectively.

The outlook is negative.

The action reflects the significant weakening profitability in the year ended March 31, largely on account of higher fuel charges but also weakness in demand and yields, according to the agency.

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