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Standard & Poor's has withdrawn its unsolicited BB/Stable credit rating on Air New Zealand, saying it had not had the full interaction of the airline in the rating process.
S&P said it no longer felt able to provide a credit opinion on Air NZ. However, the rating agency noted that the airline's response to rising fuel prices was an important credit consideration in a volatile environment.
Earlier this month, Air NZ announced its latest fare hikes along with route changes in response to the continued high cost of fuel and changes in demand.
The airline is also looking to save more than $100 million in fuel costs a year by putting smaller planes on services to London. Other airlines have also increased fares and looked for savings to counter rising fuel costs.
Air NZ spokesman Mark Street said the airline used Moody's as its credit rating agency, and had not sought S&P's ratings.
S&P ratings are based on information received by its ratings services, for which it is paid.
- NZPA
