The raised Outlook reflects improving credit metrics driven by the continuing recovery in air traffic and by deleveraging.

The affirmation reflects a stronger financial risk profile that compensated for the loss of parent support after the German state sold its remaining stake.

The raised Outlook reflects improving credit metrics expected over the next two years, driven by recovering air traffic and deleveraging.

The affirmation reflects an improving financial situation, slower cash burn and secured liquidity despite the slow recovery of air traffic. However, the Negative Outlook reflects continuing uncertainties regarding the pandemic and a potential recovery.

Lufthansa issuer rating affirmed at BBB-, Outlook Negative, following provision of state aid

Lufthansa rating downgraded from BBB to BBB- and under review for a possible downgrade due to projected deterioration in financial risk profile following impact of coronavirus.

Corporate credit rating on German aviation group Deutsche Lufthansa AG raised to BBB from BBB-. Senior unsecured debt rating raised to BBB from BBB- previously. Subordinated junior debt raised to BB+ from BB. Short-term rating affirmed. Outlook Stable.

Senior unsecured debt issued by Deutsche Lufthansa AG rated BBB-, junior subordinated debt rated BB.

Following Lufthansa’s improved earnings and cashflow generation and Scope’s belief for a continuation of improving financial credit metrics next year, the Outlook on the long-term rating was lifted to Positive.

The first-time ratings for Lufthansa are driven by Scope’s view on the credit-supportive global network coverage, diversified route network, high share of business travellers, membership in global airline alliances, solid liquidity and moderate leverage.