Fitch Ratings has revised its Rating Outlook on Air Canada to Positive from Stable. The long-term Issuer Default Rating (IDR) has been affirmed at ‘B+’. In addition, Fitch has upgraded Air Canada’s senior unsecured debt to ‘B+/RR4’ from ‘B/RR5’. The rating action is supported by Air Canada’s improving financial results, reduced pension obligations, and longer-term commitment to de-leveraging. The Positive Outlook reflects financial results for 2015 that came in above Fitch’s prior expectations, driven in part by lower fuel prices, but also by the company’s ongoing efforts to reduce operating costs, increase ancillary revenues, and optimize its fleet through cabin

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