TAP airplane

Standard & Poor’s upgrades TAP rating

Financial ratings agency Standard & Poor’s has upgraded the long-term issuer credit rating of Portugal’s flagship airline TAP, from B+ to ‘BB-, with a stable outlook’, according to a statement released by the airline. Likewise, it also revised the rating of the senior unsecured bonds 2024 of €375 million upwards to BB- from B+ . The outlook for the ratings remains stable, “as air passenger traffic is expected to stabilise at pre-pandemic crisis levels and fares are expected to remain close to 2023 levels,” said the same note.