Air New Zealand, the national carrier, has been upgraded to an investment grade Baa3 credit rating by Moody’s Investors Service due to its implied government support. Moody’s said the airline’s majority ownership by the government means its rating incorporated a high likelihood of government support, and the upgrade reflected its good performance through the recession. “The one notch upgrade to Air New Zealand’s issuer rating reflects its relative good performance and resilience through the down turn, and our expectation of continued improved performance,” said senior analyst Ian Lewis in a statement. “We are cognisant that the airline industry is one

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