Fitch Ratings has revised its rating outlook on Boeing's long-term issuer default rating (IDR) to "stable" from "negative" and has affirmed the IDR at 'BBB-'. Fitch has also affirmed Boeing's short-term IDR and commercial paper (CP) rating at 'F3' and its senior unsecured notes and revolvers at 'BBB-'. "The outlook revision to stable reflects Fitch's view that the post-strike production ramp and enhanced financial flexibility, including the announced Jeppesen sale, have reduced downgrade risks and support the 'BBB-' rating," Fitch says. "The stable outlook also incorporates Fitch's expectation of gross debt reduction, including repayment of all 2026 notes at maturity ($7.95 billion)." The rating agency goes on to say that sustained operational improvement, particularly continued 737 Max production progress, should drive free cash flow generation and EBITDA (earnings before interest, tax, depreciation and amortisation) leverage metrics consistent with 'BBB-' thresholds. "Fitch will monitor Boeing's ability to maintain operational momentum and provide greater clarity on long-term capital allocation, which could support further rating improvement within 6 -12 months," it says.

Air Baltic expects to see some improvements in the second quarter, compared with the same period in 2024, and forward bookings for 2025 are ahead of last year's levels, the airline has said in a trading update. The Latvia-based carrier estimates that its passenger numbers in the second quarter will be 6-7.5% higher year-on-year, with capacity expected to grow 1.5-2.5%. Ticket yields are "stabilising" and Air Baltic expects its revenue per available seat-kilometre (RASK) to increase by 2.5-4%. Load factor is anticipated to grow by between two and three percentage points, compared with the second quarter of 2024. Forward bookings for the third quarter are about 3% ahead of the third quarter in 2024, and the airline has maintained its guidance for full-year passenger numbers of 5.2-5.4 million and a 20% increase in ACMI capacity. "In the second quarter of 2025, our operations across the Baltics remained stable, with consistent performance across our network connecting Riga, Tallinn, Vilnius and the wider region," states interim chief executive Pauls Calitis. "Operating indicators, including engine availability, continued to meet our expectations. With promising summer demand, we are in a good position to further strengthen Air Baltic's role in our core markets," he adds. Finance chief Vitolds Jakovlevs acknowledges that the carrier had "a challenging start to the year" but offers a more positive outlook for the rest of 2025. The airline narrowed its losses in the first quarter but there was little change in revenue year-on-year as it faced strong competition in its key markets. "Based on preliminary data, we expect to see improvement in Q2, compared to the same period last year, in several metrics such as RASK and load factor," says Jakovlevs. "Current projections for Q3 also indicate a positive trend, particularly in yield performance." While forward bookings are ahead of last year, Jakovlevs cautions that "we continue to monitor geopolitical risks, especially in the Middle East, which may affect fuel prices and demand on certain routes". Earlier in June, Latvian auditors questioned the viability of Air Baltic's business plan and called for increased scrutiny of the government's shares in the carrier. Air Baltic will announce its preliminary first-half results on 13 August.

Ryanair has lost another appeal against state aid provided to European carriers during the Covid-19 pandemic, this time in relation to Condor. The case refers to the approval by the European Commission in July 2021 of two loans granted by KfW, accompanied by a German state guarantee, to compensate Condor for damage caused by travel restrictions during the period between 17 March and 31 December 2020. The loans amounted to €400 million ($470 million), and the aid element was €144 million. Ryanair took issue with the aid portion and challenged the Commission's decision to approve it under European Union state-aid rules. On 25 June, the EU General Court dismissed Ryanair's action after finding that the Irish carrier had "not demonstrated that it is individually concerned by the Commission's decision, with the results that it cannot challenge the merits of that decision". The court found that Ryanair had "failed to demonstrate that the aid at issue is discriminatory vis-a-vis other airlines operating in Germany (in particular Ryanair itself), that it is disproportionate, or that it is contrary to the freedom of establishment and the freedom to provide services". In addition to the aforementioned aid, the Commission had approved €321 million of restructuring aid for Condor in July 2021, which Ryanair had also challenged. Ryanair's legal action against this aid measure prompted an annulment and an in-depth investigation. However, the aid was reinstated in April of this year after the probe found that Condor was implementing a "comprehensive package of restructuring measures" aimed at ensuring its long-term viability, and that the airline's new private investor, Attestor, was funding more than 70% of the restructuring costs. Ryanair has mounted several legal challenges against Covid-era state aid to various European airlines, with a mixed success rate.