This report does not constitute a rating action. (Editor's note: S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly (see our research here: spglobal.com/ratings). Diverging trends are emerging across the global airline industry given heightened geopolitical and macroeconomic uncertainties amid intensifying trade conflicts and market volatility. The U.S. airline market is reporting weaker-than-expected demand trends, particularly for domestic travel, compared to
