Moody's Places IAG's Ratings on Review for Upgrade Amid Strong Operating Performance14 Mar 2024 07:09
Moody's on Wednesday placed International Consolidated Airlines Group's ($IAG) Ba1 corporate family and Ba1-PD probability of default ratings on review for upgrade following an improved operating performance and gross debt reduction.
Previously, the airline holding company's rating outlook was stable.
The rating agency's review will focus on an evaluation of IAG's ability to maintain credit ratios and financial policies commensurate with an investment grade rating, as well as the rating impact of the subordination of its senior unsecured notes within the group structure.
If the group's Moody's-adjusted gross debt/EBITDA is below 3x on a sustainable basis, the ratings could be upgraded. However, a downgrade can be expected if its Moody's-adjusted leverage moves back above 4.0x.
Price (GBP): £153.95, Change: £-0.10, Percent Change: -0.06%
$IAG
Source: MT Newswires