London, 04 July 2016 -- Moody's Investors Service, (Moody's) has today upgraded Scandinavian airline group SAS AB's (SAS) corporate family rating (CFR) to B2 from B3 and its probability of default rating to B2-PD from B3-PD. Concurrently, Moody's has upgraded its subsidiary SAS Denmark-Norway-Sweden's backed subordinated loan rating to Caa1 (LGD 6) from Caa2 (LGD 6) and its backed senior unsecured MTN rating to (P)B3 (LGD 4) from (P)Caa1 (LGD 5). Moody's has affirmed the NP commercial paper rating and the (P)NP backed other short term rating. The outlook on all the ratings is stable.

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