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The upgrade of British Airways Plc’s (BA) Issuer Default Rating (IDR) reflects the improvement in BA’s Standalone Credit Profile (SCP) to ‘bbb-’ from ‘bb+’, which is mainly driven by consistently solid operational results, leading to deleveraging and enhanced financial metrics. EBITDAR leverage improved to 2.6x in 2024 (‘BBB’ negative sensitivity at 3.0x), and ���������ֳ� expects it to decline to around 2x by 2027, supported by capacity expansion, resilient margins, and debt reduction. We forecast BA’s capacity to be fully restored in line with pre-pandemic levels in 2026.

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