Qantas Airways defiant despite credit rating downgrade

Qantas Airways’ credit rating has been downgraded, but the Australian company says it remains in a strong funding position.

Moody’s Investors Service downgraded Qantas’ rating from Baa2 to Baa3 – the lowest investment grade rating.

Qantas issued a statement saying its financial position was secure and said its operating cash flow had strengthened in the current financial year, with a cash balance of more than £1.9bn (€2.3bn).

The company also said it could adjust capital investment as appropriate.