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February 1, 2008 |
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JAPAN AIRLINES: To Slash Discount Fares Up to 80% Japan Airlines International Company, Ltd., will cut discount fares up to 80% for tickets sold directly to passengers starting April, sources disclosed to The Asahi Shimbun. The Asahi Shimbun's sources revealed that JAL's move, designed to bolster occupancy rates during the off-season, could lead to off-peak round-trip fares from Narita Airport to Vancouver for as low as JPY50,000. Under JAL's plan, the fare from Narita Airport, Chubu Airport or Kansai International Airport to Vancouver would be JPY50,000 round trip, depending on the week, relates the article. The report adds that the step will take advantage of the transport ministry's decision to abolish in April the floor price for the discount International Air Transport Association PEX tickets a carrier can sell directly to passengers. Tokyo-based Japan Airlines International Company, Limited -- http://www.jal.com/en/ -- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. Japan Airlines flies to the United States, Brazil and France. * * * As reported on Feb. 9, 2007, that Standard & Poor's Ratings Services affirmed its 'B+' long-term corporate credit and issue ratings on Japan Airlines Corp. (B+/Negative/--) following the company's announcement of its new medium-term management plan. S&P said the outlook on the long-term corporate credit rating is negative. As reported on Oct. 10, 2006, that Moody's Investors Service affirmed its Ba3 long-term debt ratings and issuer ratings for both Japan Airlines International Co., Ltd and Japan Airlines Domestic Co., Ltd. The rating affirmation is in response to the planned restructuring of the Japan Airlines Corporation group on Oct. 1, 2006 with the completion of the merger of JAL's two operating subsidiaries, JAL International and Japan Airlines Domestic. JAL International will be the surviving company. Moody's said the rating outlook is stable. Fitch Ratings Tokyo analyst Satoru Aoyama said that the company's debt obligations and expenses for new aircraft have placed it in an unfavorable financial position. Fitch assigned a BB- rating on the company, which is three notches lower than investment grade. |
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