JetBlue Downgraded by 'Big Three' Ratings Agencies
Source: Wall Street Journal
The three biggest ratings firms have downgraded the credit ratings of JetBlue Airways, pointing to a weakening outlook for airlines.
The so-called Big Three—S&P Global Ratings, Moody’s Investors Service and Fitch Ratings—each released ratings for JetBlue on Monday morning that offered a dim overview of its near-term headwinds.
S&P said it expects JetBlue’s operating environment to remain tough for the next year or two, while Moody’s said it would take the airline “a number of years” to get operating profit and cash flow back up to the levels that would bring them stronger credit metrics.
JetBlue stock fell 13% to $5.28 in early trading. Shares are now trading in negative territory year-to-date.
Read more: https://www.wsj.com/business/airlines/jetblue-downgraded-by-big-three-ratings-agencies-00821f7e?st=8df0fd5ppyhtyol&reflink=desktopwebshare_permalink