S&P upgrades British Airways

S&P said it raised its long-term issuer credit rating on British Airways plc to BBB- from BB+.

The outlook is stable.

The agency also raised its long-term issue rating on the class B enhanced equipment trust certificates to A- from BBB+ and affirmed the A rating on the class A EETCs.

The A rating is capped at the rating on Landesbank Hessen-Thueringen Girozentrale (A/stable/A-1).

At the same time, the agency raised its issue rating on British Airways Finance (Jersey) LP's €300 million preferred notes by two notches to BB from B+, reflecting an reassessment of a more remote default risk following the upgrade of British Airways.

S&P said the upgrade reflects the positive impact of the company’s and International Airlines Group's consistently improving operating performance and the group's conservative acquisition strategy.

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