Fitch Ratings has upgraded Delta Air Lines’ IDR to ‘BB+’. The Rating Outlook is Positive. The ratings upgrade reflects on-going improvements to Delta’s balance sheet, continued solid operating performance, better than expected free cash flow (FCF), and successful efforts to combat operating cost inflation. The ratings are also supported by underlying improvements in the airline industry including consolidation among the legacy carriers and capacity constraint, which have led to an improved risk profile and better profitability for the industry as a whole. The Positive Outlook reflects Fitch’s view that Delta’s credit profile will continue to improve over the intermediate term.

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