The rating action reflects Scope’s expectation that Lufthansa will maintain its good credit metrics in 2024 despite a challenging market environment.

The raised Outlook reflects improving credit metrics driven by the continuing recovery in air traffic and by deleveraging.

The affirmation reflects a stronger financial risk profile that compensated for the loss of parent support after the German state sold its remaining stake.

The raised Outlook reflects improving credit metrics expected over the next two years, driven by recovering air traffic and deleveraging.

The affirmation reflects an improving financial situation, slower cash burn and secured liquidity despite the slow recovery of air traffic. However, the Negative Outlook reflects continuing uncertainties regarding the pandemic and a potential recovery.