Ratings nose-dive for BA debt
2001 has proved an annus horribilis for British Airways. The icing on the cake has been a debt downgrade resulting in an increase in the faltering airline’s cost of funding.
The end of November saw Standard & Poor’s drop BA’s senior unsecured debt from BBB- to BB+ (at the same time as downgrading the eight North American carriers it rates). Then on December 6, Moody’s downgraded its rating for BA to Ba1 from Baa3.
Moody’s says its action on
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