S&P downgrades SAS credit rating one step –but outlook stable

SAS credit rating has been under review by Standard & Poors since February 2008. As a result, long term SAS credit rating was today downgraded from BB to BB- for the company corresponding to a one-step downgrade of the rating. SAS is also removed from credit watch and the outlook is changed from negative to stable.

The downgrade is mainly a result of the present challenging conditions with the high jet fuel prices increasing overcapacity in the Scandinavian aviation market and the decision to terminate the Spanair sales process. S&P's acknowledges that the SAS Group has a satisfactory liquidity position, limited capex plans and programs in place to reduce cost.

The downgrade does not affect any of the SAS Group's loans or credit facilities since they are not connected to S&P's rating.



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