S&P downgrades Qantas to 'junk' status

GMT 03:04 2013 Friday ,06 December

Arab Today, arab today S&P downgrades Qantas to \'junk\' status

Arab Today

Embattled Australian carrier Qantas' credit rating was downgraded by Standard and Poor's to "junk" status Friday after the airline issued a shock profit warning and slashed jobs. Qantas on Thursday flagged a half-year loss of up to Aus$300 million (US$271 million) and 1,000 job losses as it struggles under the weight of record fuel costs and fierce competition from subsidised rivals.

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