Moody’s upgrades TAP ratings; outlook ‘positive’

By coincidence on the very day MPs are set to question outgoing TAP CEO Christine Ourmières-Widener on several issues within the airline, Moody’s ratings agency has upgraded several of TAP’s ratings – improving the company’s outlook to positive after an increase in profitability since the last review in April last year. In a statement released today, the agency announced it has upgraded TAP’s corporate family ratings (CFR) to B2 from B3, the probability of default to B2-PD from B3-PD, and the rating on the company’s €375 million bond issue to B2 from B3. At the same time, the base credit rating improved from caa1 to b3. All this can only add to Ms Ourmières-Widener’s case for unfair dismissal.