Fitch affirms Ryanair

Fitch Ratings said it affirmed Ryanair Holdings plc's long-term issuer default rating and Ryanair DAC's senior unsecured rating at BBB+.

The outlook is stable.

The agency said the affirmation reflects that Ryanair faced some significant operational and sector challenges in the past year, but still delivered strong financial results, exceeding Fitch's expectations in most areas.

The company's business model continues to evolve as it grows, but the company has maintained control over costs, Fitch said.

A tight aviation labor market and union recognition will contribute to lower margins in future periods, but the agency said it expects Ryanair's profitability and cash generation will be in the top tier of the global airline sector.

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