S&P downgrades SAS credit rating by two steps

S&P downgrades SAS credit rating by two steps

SAS credit rating was today downgraded from BB- to B for the company
corresponding to a two-step downgrade of the rating. The outlook is developing. 

The downgrade is mainly a result of the present challenging conditions with the
jet fuel prices, overcapacity in the Scandinavian aviation market, weakening
market conditions and the third quarter write down by SEK1.9 billion goodwill
and write-down of tax assets in Spanair. 

S&P's acknowledges that the SAS Group has a limited capex plans, sufficient
liquidity position and programs in place to reduce cost. S&P also acknowledge
SAS future initiatives to reduce cost gap to relevant benchmark. 

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


SAS GROUP INVESTOR RELATIONS 

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