Fitch Ratings has affirmed Ryanair Holdings Long-term Issuer Default Ratings (IDR) and Ryanair Limited’s senior unsecured rating at ‘BBB+’. The Outlook on the IDR is Stable. Fitch commented on Ryanair’s low cost advantage and substantial liquidity as key drivers of its rating. The company’s high margins, significant cash generation, financial flexibility, and access to the unsecured debt markets further differentiate the carrier from many its peers. Ryanair’s solid capacity for meeting its financial commitments is also supported by the company’s fairly flexible cost structure, low break-even load factor, and robust hedging programs for fuel and currencies, Fitch said. Key rating

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