Moody's upgrades Air NZ credit rating on new approach to leases, low jet fuel prices

Sun, 05 Jul 2015

By Paul McBeth July 6 (BusinessDesk) - Moody's Investors Service has upgraded Air New Zealand's credit rating by one notch after changing its debt treatment of operating leases and on the prospect that cheaper jet fuel will assist the national carrier's earnings for the next two years. The Auckland-based airline's rating was raised to Baa2 from Baa3 on Friday, with the rating agency maintaining a stable outlook. Moody's changed its approach capitalising operating leases which led to a reduction in Air NZ's adjusted debt, and anticipates l...

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