Moody's affirms Air New Zealand

Moody's Investors Service said it affirmed Air New Zealand Ltd.'s Ba1 senior unsecured issuer rating.

Its outlook was downgraded to stable from positive.

Cooling demand in New Zealand and elsewhere is likely to reduce business and leisure travel, reducing top line momentum for an uncertain period, the agency said.

The company's flexibility is affected by jet fuel price increases, which constrains the rating, Moody's said.

The rating is supported by a dominant position in its core domestic market, solid liquidity and currently appropriate financial metrics, the agency added.

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