Standard & Poor’s (S&P) has revised Qantas’ rating outlook to stable from negative and has affirmed the “BB+” long-term issue rating its senior unsecured debt, and a “B” short-term rating on Qantas. S&P affirmed the recovery rating on the debt at “3,” indicating an “expectation of meaningful (50%-70%) recovery for creditors in the event of a payment default.” S&P credit analyst Graeme Ferguson said: “The outlook revision to stable reflects our view of the meaningful improvement in Qantas’ operating environment, which we expect to translate to improved credit metrics. We therefore believe that the immediate threat to the BB+ corporate

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