Standard & Poor’s, “How Well Prepared Are European Airlines For The Turbulence Of Another Recession?” report has stated that most European airlines are well positioned for a harsher economic climate in 2012. Most airlines, the rating agency says, have substantial financial flexibility and good liquidity positions. The report added that a recession would not affect the ratings of Lufthansa or British Airways however SAS would “be vulnerable to weakening conditions”. S&P expects demand for air travel to decline in 2012 for the airlines it rates, with a slight recovery in demand in 2013. “We assume that the airlines would be

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