Moody's shifts IAG view to stable

Moody’s Investors Service said it revised its outlook for International Consolidated Airlines Group, SA to stable from negative and affirmed its ratings, including the B1 ratings of the group's €500 million of senior unsecured notes due 2023, €500 million of senior unsecured notes due 2025, €500 million of senior unsecured notes due 2027 and €700 million of senior unsecured notes due 2029.

“The stable outlook reflects Moody's expectations that the group will continue to grow passenger volumes towards pre-pandemic levels, with margins remaining stable or improving as volumes and continued strong yields offset the effects of cost inflation. The outlook assumes that the group will reduce leverage to below 5x on a Moody's-adjusted basis over the next 12-18 months whilst preserving strong liquidity, and that no debt-financed acquisitions occur that would materially increase leverage,” the agency said in a press release.

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