Originally Posted by
Excargodog
Stable at B- is not good. This is a Fitch rating of B.
B- is worse than that.
it’s the same creditworthiness as Angola…
I’m not dumping on AA or their management. Nobody anticipated COVID and the government handled it poorly. Nobody anticipated the government would so mismanage the economic recovery to produce today’s inflation (OK, maybe Rand Paul and Larry Summers did.
https://www.politico.com/news/2022/0...22-22-00047233), but don’t be in denial about the fix they are in. They are going to have to refinance almost all that debt they took on when interest rates were low at far higher interest rates and they are already paying $2 Billion a year in debt service even at current rates.
That is not an enviable situation to be in.
I don’t recall saying that Fitch’s stable rating (B-) meant good; that would be BBB. Their rating went from negative outlook to stable over the past two rating periods, which is what I said.
And let’s be clear, dumping on AA is most of what you do on APC. I have no vested interest in AA other than my fellow industry pilots that I want nothing but good for, but it’s nothing short of comical to say you aren’t dumping on AA.
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