Press Release: Fitch Affirms British Airways at 'BBB'; Outlook Stable -2

0x BA EETC 2018-1 Class AA Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Ratings for the class AA certificates are primarily based on a top-down analysis using the value of the collateral. Therefore, negative rating action could be driven by an unexpected and large decline in collateral values. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch may upgrade the ratings to 'AA+' if collateral coverage continues to increase as the transaction amortizes.

BA EETC 2018-1 Class A Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The rating of the class A tranche is influenced by Fitch's view of BA's corporate credit profile, so a downgrade may follow a downgrade of the airline's IDR by two or more notches. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade is unlikely given the cap at 'A-‌' for subordinated tranches for airlines with IDRs in the 'BBB' category. 8 billion (equivalent) expiring in June 2029. We forecast positive free cash flow generation over 2026-2028.

Available liquidity and cash flow generation are sufficient to cover debt maturities over 2026-28. Issuer Profile BA is the fourth-largest European airline based on pre-pandemic passenger-revenue-kilometres and the largest UK international airline. It benefits from an extensively diversified route structure, strong position at Heathrow hub and in the transatlantic market. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Click here to access Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in our credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. VS) for BA for 2035 is 51 out of 100, suggesting elevated exposure to climate-related risks in that year. This is in line with other airlines and reflects the gradually growing costs linked to the decarbonization of the sector.

At present, climate transition risks do not have a material influence on airline ratings, including BA's, because the potentially disruptive changes due to the clean energy transition are unlikely to materialize in the next eight to 10 years. Incremental costs such as those due to carbon offsetting and Sustainable Aviation Fuel usage are applicable to BA and its peer group, and are included in our forecasts ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section.

A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. com Additional information is available on APPLICABLE CRITERIA Aircraft Enhanced Equipment Trust Certificates Rating Criteria (pub. 22 Jun 2023) (including rating assumption sensitivity) Corporate Rating Criteria (pub.

09 Jan 2026) (including rating assumption sensitivity) Corporates Recovery Ratings and Instrument Ratings Criteria (pub. 02 Aug 2024) (including rating assumption sensitivity) Parent and Subsidiary Linkage Rating Criteria (pub. 27 Jun 2025) Sector Navigators -- Addendum to the Corporate Rating Criteria (pub. 09 Jan 2026) Applicable Model Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).

0 ( 1 ) ADDITIONAL DISCLOSURES Dodd-Frank Rating Information Disclosure Form Solicitation Status Additional Disclosures For Unsolicited Credit Ratings Endorsement Status Endorsement Policy ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS IN ADDITION, THE FOLLOWING DETAILS FITCH'S RATING DEFINITIONS FOR EACH RATING SCALE AND RATING CATEGORIES, INCLUDING DEFINITIONS RELATING TO DEFAULT. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES.

FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE AT FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE OR ANCILLARY SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF PERMISSIBLE SERVICE(S) FOR WHICH THE LEAD ANALYST IS BASED IN AN ESMA- OR FCA-REGISTERED FITCH RATINGS COMPANY (OR BRANCH OF SUCH A COMPANY) OR ANCILLARY SERVICE(S) CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH RATINGS WEBSITE. , Fitch Ratings Ltd.

and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435.

Reproduction or retransmission in whole or in part is prohibited except by permission. (MORE TO FOLLOW) Dow Jones Newswires October 07, 2026 07:44 ET (11:44 GMT) The statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.