Moody’s upgrades Air Canada

Moody’s Investors Service said it upgraded Air Canada’s corporate family rating to Ba1 from Ba2, probability of default rating to Ba1-PD from Ba2-PD, first lien senior secured rating to Baa3 from Ba1 and senior unsecured rating to Ba2 from Ba3.

“The upgrade reflects Air Canada’s stronger financial profile, whereby the company has continued to reduce leverage and has strengthened its flexibility with the acquisition of the Aeroplan program and increased the number of unencumbered planes it owns,” said Jamie Koutsoukis, Moody’s vice president and senior analyst, in a news release.

The outlook is stable.

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