SAS credit rating downgraded

In addition, the downgrade resulted from the third quarter write down by SEK1.9 billion goodwill and write-down of tax assets in Spanair.

S&P's acknowledges that the SAS Group has a limited capex plans, sufficient liquidity position and programs in place to reduce cost. S&P also acknowledge SAS future initiatives to reduce cost gap to relevant benchmark.

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.

(c) Centre for Asia Pacific Aviation. Date posted: 07-Nov-08
 

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