Aviation News Item: 00070

13th Nov 2009

Source: evaint.com

SAS credit rating was today downgraded by one step from B3 to Caa1 for the company's long term rating. The outlook is negative reflecting the industry's negative trend.

The downgrade is mainly a result of the weakening development in earnings due to increased yield pressure in the market.

Moody's recognises SAS Group's measures in the Core SAS strategy to improve profitability and that it holds SEK 10 billion in financial preparedness (cash and undrawn facilities).

The downgrade does not affect any of the SAS Group's loans or credit facilities.

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