...- We expect the recovery of global air traffic and business/corporate travel, in particular, will be slower than previously projected due to renewed travel restrictions in response to a spike in COVID-19 cases and increased substitution of face-to-face meetings with virtual gatherings. - Deutsche Lufthansa AG (Lufthansa) continues to counter the plunge in its revenues by adjusting capacity, containing costs and capital investments, and safeguarding its liquidity position, but these measures will only partly offset the steep decline of up to 80% in air passenger traffic in 2020 (and up to 55% in 2021 versus 2019) and likely significant redundancy payments (subject to negotiations with unions). These developments result in a sharper-than-anticipated deterioration in Lufthansa's EBITDA and credit metrics under our revised base case. - We are therefore lowering our ratings on Lufthansa and its senior unsecured debt to '##-' from '##', and our rating on the junior subordinated debt to '###+'...
