Qantas gets credit rating downgraded after huge losses by international arm

Standard & Poor's said in a statement it had cut Qantas from BBB to BBB- with a stable outlook, adding: “The downgrade is driven by our view that Qantas' business risk profile has weakened, because of the structural pressures affecting the airline's international business.”

S&P indicated in June it would put the “Flying Kangaroo” on credit watch “with negative implications” after the airline warned its of a full-year loss for the fiscal year.

The decision came a day after the struggling carrier announced a major global alliance with Emirates that will see its hub for European flights shift to Dubai from Singapore in a bid to stop losses.

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