S&P confirms BB+ rating for Qantas

Ratings agency Standard & Poor’s has affirmed its BB+ long-term issue rating and removed its creditwatch with negative implications on Qantas Airways. The agency has assigned a recovery rating of ‘3’, indicating its expectation of meaningful (50%-70%) recovery for creditors in the event of a payment default. Supporting the issue and recovery ratings is S&P’s valuation of Qantas Airways as a going concern in a hypothetical default scenario. The ratings reflect our view of the airline’s leading domestic market position, the enduring value of the Qantas brand, and its assessment that the business would retain more value as a reorganised