...Fitch Ratings affirmed Air France KLM's (AF-KLM) Long-Term Issuer Default Rating (IDR) and senior unsecured debt rating at `BBB-' in May. The Outlook on the IDR is Stable. The affirmation reflects resilient performance in 2025 and the first months of 2026 and is consistent with Fitch's base scenario of crude oil price averaging USD87/bbl in 2026, which AF-KLM could partially offset through better yields and cost management. We forecast credit metrics will weaken in 2026 and subsequently improve in 2027, reflecting the expected trend in oil price and broader industry performance. Under our forecasts, EBITDAR net leverage slightly breaches the 2.5x threshold in 2026 but complies with it again from 2027. Prolonged disruption to oil supplies and higher-than-expected oil prices are key risks for the airline industry and could lead us to revise our current forecast downwards with potential negative rating action on the company....
