Fitch Ratings has affirmed Ryanair Holdings (RYA) Long-Term Issuer Default Ratings (IDR) and Ryanair DAC’s senior unsecured rating at ‘BBB+’. The Outlook on the IDR is Stable. Fitch commented that Ryanair’s conservative and simplified business model tempers the impact of gross financial leverage and operating leverage that are characteristic of the airline industry. Its leading cost position, liquidity, high margins and significant cash generation give it the ability to withstand the shocks that periodically hit the airline industry, as well as fending off competitive threats, says Fitch. Ryanair’s low fleet age and fleet commonality also support the ratings. The low-cost

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