Delta Air Lines has seen its credit rating raised to the highest level in decades by credit rating agency Moody’s Ratings.

This upgrade is the third that Delta has received in the last eight months, reflecting momentum in continuing to strengthen the company’s balance sheet and financial foundation.

Moody’s was the only agency that maintained an investment-grade rating for Delta during the pandemic. S&P Global Ratings and Fitch Ratings have since raised their ratings and rated Delta’s credit as investment grade.

“It’s gratifying to have Delta’s credit raised a notch above investment grade, as we work to make our 100th year the best in our history,” said Delta Chief Financial Officer Dan Janki. “This achievement is thanks to the outstanding work of our team that continues to differentiate us from the competition and lead our industry as we reduce debt and strengthen our financial foundation.”

Moody’s cited Delta’s improving operations, free cash flow, and debt reduction, as well as tailwinds that include moderating capacity growth in the U.S., strong international demand, robust premium offerings, and loyalty.

“Delta’s business profile—characterised by its strong consumer brand, global network, competitive operating performance, emphasis on premium service offerings, and the cash flows from its relationship with American Express—is strong,” the report noted.

Delta’s balance sheet strength remains a differentiator from the industry as one of only two airlines among DOT-reporting competitors to hold the rating of investment grade across all three agencies—a sign of confidence in the durability of our business.

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