Initial details regarding the US Department of Justice (DOJ) investigation of anticompetitive behaviour among the North American airlines are limited, but Fitch views the industry as inherently competitive and we believe that behaviour by the airlines is a rational response to market conditions. Fitch does not expect the investigation to have an impact on airline credit ratings at this time. News reports indicate that the investigation is centered on ‘capacity discipline’ within the industry and whether the airlines illegally signaled to each another how quickly they would grow. Fitch stated that it believes heavy competition between airlines in various markets,

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