Moody's cuts Qantas rating

Ratings agency Moody's has downgraded Qantas Airways Ltd's senior unsecured rating to junk.

Ratings agency Moody's has downgraded Qantas Airways Ltd's senior unsecured rating to junk, following a review into the airline's announcement late last year that it was expecting an underlying loss before tax of $250 million to $300 million for the six months December 31, 2013.

Moody's cut Qantas' rating to Ba2, or junk status, from Baa3. The airline's short-term rating was also downgraded to NP (Not Prime) from P-3.

The agency said the outlook for the ratings is negative.

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