Standard & Poor’s Ratings Services has downgraded Qantas’ corporate credit rating to so-called “junk” status following the carrier’s surprise profit warning Thursday. Describing the airline’s outlook as “negative,” S&P lowered Qantas to BB+/B from BBB-/A-3, and its senior unsecured debt ratings BB+ from BBB-, placing the issue ratings on CreditWatch with negative implications. BBB- is the lowest investment grade: Anything lower than ...

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