British Airways lands in junk as Fitch cuts rating

Bloomberg

British Airways (BA) has become the first major European carrier to lose its investment grade status amid the Covid-19 pandemic after Fitch cut its credit rating one notch.
The flagship British company is unlikely to recover its end-2019 capacity level until 2023, according to Fitch’s baseline forecast.
The ratings agency also put the company on negative outlook, reflecting the uncertainty around the air travel industry. Its report cited “the heightened risk for BA to adjust its operational base, investment program and capital structure in a fast-evolving environment.”