Moody's downgrades SAS credit rating one step with negative outlook
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 recognizes 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.
SAS Group Investor RelationsFor further information, please contact
Sture Stølen, VP, Head of SAS Group Investor Relations + 46 8 797 1451SAS discloses this information pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was provided for publication on November 12, 2009, at 6:30 p.m CET.