Moody's downgrades SAS credit rating one step with negative outlook

11/7/2008 7:11 AM EST

SAS credit rating was today downgraded by one step from B1 to B2 for the company's long term rating. The outlook is negative reflecting the industry's negative trend.

The downgrade is mainly a result of the weakening development in earnings due to high jet fuel prices, overcapacity in the Scandinavian air market and the business cycle.

Moody's recognizes SAS Group's powerful measures to improve profitability and the satisfactory liquidity.

The downgrade does not affect any of the SAS Group's loans or credit facilities since they are not connected to Moody's rating.

For further information
Sture Stølen, VP, Head of SAS Group Investor relations + 46 8 797 1451


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