S&P downgrade BA debt
18.02.10
Debt rating agency Standard & Poor's (S&P) has lowered BAs' long-term corporate credit rating to BB- from BB. A spokesman said: ‘This 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 that we consider commensurate with a BB rating for BA is unlikely in the near term.'
The ratings agency views the merger with Iberia positively, even though the benefits are likely to take time to show though. S&P's outlook for BA is 'negative', meaning a further downgrade in the next 90 days has not been ruled out.
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