Moody's reviews IAG for upgrade

Moody's Ratings said it placed all its of International Consolidated Airlines Group, SA (IAG) ratings on review for upgrade, including the company's Ba1 corporate family rating and the Ba2 ratings on three tranches of senior unsecured notes. Previously, the outlook was stable.

"The opening of the ratings review reflects the combination of strong improvements in operating performance since the pandemic and a financial policy prioritizing gross debt reduction, leading to key credit ratios for IAG being commensurate with an investment grade rating at the end of 2023," said Frederic Duranson, a Moody's vice president, senior analyst and lead analyst for IAG, in a press release.

The agency noted that IAG delivered a €3.5 billion profit in 2023 corresponding to a 12% margin.

Higher EBITDA enabled the company to repay around €4 billion of gross debt cutting its Moody's adjusted gross debt/EBITDA to 2.7x as of Dec. 31.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.