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Credit rating agency Moody’s Investors Service has placed the investment grade Baa3 credit rating of Qantas on review for downgrade. The downgrade review follows the announcement by Qantas that the airline was expecting to post a $250 million to $300 million loss in the past six months.
“The rating action reflects the material downward pressure on Qantas’s credit metrics due to declining yields, which reflects both low capacity utilisation in the domestic market following aggressive capacity additions by the sector, and a moderation in demand”, said Arnon Musiker, a Moody’s analyst.
“While the Baa3 rating reflected these conditions, the extent of the announced profit downgrade, and the potential impact on the 2014 full year performance, is outside the rating expectation”, says Musiker, adding “In the absence of countermeasures, the challenging operating conditions may therefore result in Qantas’ credit profile no longer being consistent with the current ratings,” the statement said.
The downgrade, should it occur, could have severe implications for the company, by increasing its cost of funds and reducing the amount of cash the company has at its disposal.
The rating agency acknowledged recent comments from Treasurer Joe Hockey for the need to debate the future of the national carrier, and that the government would consider its options
“Whilst the issue is currently a matter of discussion and the government has not detailed how it plans to proceed, a form of government support would also provide support for Qantas’ credit profile”, said Musiker.
Moody’s said the review will focus on the weak operating environment, fuel, foreign exchange and liquidity, management response such as asset sales and a reduction in capital expenditure and the possibility of government support.
http://www.afr.com/p/business/co ... ALeU01rYIRyAGAZy7VO |
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说说 (2011-6-17) Anihc 
楼主:Devil_Star
发表于 2013-12-5 11:40
