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    Home»Investments»Fitch restores Delta’s investment-grade rating
    Investments

    Fitch restores Delta’s investment-grade rating

    July 16, 2024


    By Rajesh Kumar Singh

    CHICAGO (Reuters) – Fitch Ratings on Tuesday upgraded Delta Air Lines’ credit rating to investment grade, citing improvements in its balance sheet in the past three years.

    The Atlanta-based carrier’s rating was cut to junk during the pandemic when a slump in air travel brought the industry to its knees. A junk credit rating makes it harder and more expensive for companies to raise capital.

    After the pandemic, Delta has been focusing on paying down debt and getting back its investment-grade rating.

    Fitch upgraded Delta to ‘BBB-‘ from ‘BB+’ with a stable outlook. The carrier also has an investment grade rating from Moody’s, but S&P rates it in junk territory.

    Fitch said Delta’s credit metrics have improved considerably after the pandemic as it has reduced its gross debt and operating leases by roughly $11 billion in the past three years.

    It said travel demand will remain healthy through 2024, helping Delta generate free cash flow. It expects the company to reduce unencumbered assets to $30 billion by the end of the year.

    Delta forecast last Thursday a lower-than-expected third-quarter profit as excess industry capacity has dampened airfares at the low end of the market.

    Fitch, however, said it expects Delta to remain among the most profitable airlines, citing a pickup in corporate travel bookings and sustained demand for premium travel.

    (Reporting by Rajesh Kumar Singh; Editing by Richard Chang)



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