S&P downgrade BA further
18.02.10
Debt rating agency Standard & Poor's (S&P) has lowered British Airways' long-term corporate credit rating to BB- from BB. A spokesman said: ‘The downgrade reflects our view that the very difficult industry conditions in 2009 have resulted in a significant deterioration in the group's financial profile, and that recovery to a level which we consider commensurate with a BB rating for BA is unlikely in the near term.'
The ratings agency views the potential merger with Iberia positively, even though the benefits are likely to take time to be apparent. S&P's outlook for BA is 'negative', meaning a further downgrade in the next 90 days could be made.
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