Fitch Ratings has upgraded the Long-Term Issuer Default Rating (IDR) for Air Canada (AC) to ‘BB-‘ from ‘B+’. The Rating Outlook is Stable. Fitch has also affirmed AC’s senior secured credit facility at ‘BB+/RR1’. In addition, Fitch has upgraded Air Canada’s senior unsecured debt to ‘BB-/RR4’ from ‘B+/RR4’. The rating action is supported by AC’s improved financial position including leverage that has declined from the high levels seen after the previous recession, prospects for leverage to move incrementally lower beginning in 2018, the elimination of the company’s pension deficit, and prospects for improving free cash flow (FCF) generation as AC

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