Philippine Airlines (PAL) has received its first-ever ‘BB’ Long-Term Issuer Default Rating (IDR) with a Stable Outlook from Fitch Ratings, reflecting the airline’s strengthened business, financial, and operational performance.

In its assessment, Fitch cited PAL’s diversified route network, sound liquidity position, competitive cost structure, disciplined operations, and prudent fleet expansion strategy as key factors supporting the rating.

The Stable Outlook indicates Fitch’s expectation that PAL will sustain prudent financial management while pursuing measured growth, backed by adequate liquidity and improving credit metrics.

“We welcome Fitch Ratings’ assessment of Philippine Airlines and view it as recognition of the progress we have made in strengthening our business, financial and operational fundamentals,” said PAL President Richard Nuttall.

PAL said it remains committed to financial discipline while continuing investments in fleet modernization, customer experience enhancements, and initiatives that improve efficiency, connectivity, and support for the country’s tourism sector.