ITA-Lufthansa: Moody's promotes
There are "solid strategic rationales for the acquisition of the minority stake"
The international financial analysis agency Moody's liked the marriage between the national air carrier ITA Airways and the German aviation group Lufthansa. So it rated the operation with a Ba-1 with a stable outlook. An assist awaiting the green light from Brussels, which will have to rule on the privatization procedure, with the possibility that the low-cost airline Ryanair will try to hinder the wedding.
Ryanair has already reported to the European judges the aid of 6 billion euros granted by the German state to Lufthansa during the pandemic (all already repaid, however). However for the Moody's agency on ITA-Lufthansa there are "solid strategic reasons for the acquisition of the minority stake in ITA". "On balance, ITA will have almost one billion euros in liquidity, also calculating the 400 million euros paid by the MEF in December 2022".
While waiting for the assembly to define the new board of directors of ITA, which as anticipated by AVIONEWS should see the entry of the Lufthansa strategy manager, Joerg Eberhart, whose relations are cementing, with meetings in Istanbul between ITA chairman Antonino Turicchi and Lufthansa Chief Executive Officer Carsten Spohr.
AVIONEWS - World Aeronautical Press Agency