Agency axes Qantas credit rating to junk status

Agency axes Qantas credit rating to junk status

The Australian airline, Qantas, has had its credit rating downgraded to junk status.

The move by agency Standard and Poors follows a profit warning yesterday.

The world's second-oldest airline announced losses of almost €200m, and plans to cut 1,000 jobs.

It is blaming the soaring cost of fuel, and intense competition from rivals.

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