20th Jun 2007 10:55
British Airways PLC20 June 2007 BA returns to investment grade British Airways has been advised by the credit rating agency, Standard andPoor's that its corporate credit rating is to be increased to investment grade. The company was downgraded to sub-investment grade or junk status in July 2003following the events of September 11, 2001 and the war in Iraq. During that period the company has reduced its net debt from £6.6bn to £990m andsteadily increased its operating margin. Keith Williams, British Airways' chief financial officer, said: " We have workedhard over the last four years strengthening the foundations of our business.Regaining investment grade status will enable us to invest in our future growthwith confidence." ends June 20, 2007 072/KG/07 Notes to editors: The company's corporate credit rating has been increased to BBB-. Its seniorunsecured rating has been increased to BB+. Previously its corporate rating was BB+ and its senior unsecured debt ratingBB-. The upgrade has no impact on its current debt portfolio. It does however giveinvestors and lenders increased confidence in the company's ability to financethe re-equipment of our longhaul fleet. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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