Philippine Airlines (PAL), the country’s premier flag carrier, received its first ‘BB’ Ratings from credit rating Fitch with a stable outlook to the airline.
The rating reflects Fitch’s assessment of Philippine Airlines’ business profile, financial position and operating performance, and recognizes the progress the airline has made in strengthening its business, financial and operational foundations.
In its report, Fitch cited Philippine Airlines’ diversified network, sound liquidity position, competitive cost structure, prudent fleet expansion strategy, and operational discipline following its restructuring as factors supporting the rating.
Fitch said the Stable Outlook reflects its expectation that Philippine Airlines will maintain prudent financial management while pursuing measured growth, supported by adequate liquidity and improving credit metrics over the long term.
“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 Richard Nuttall, President of Philippine Airlines, in a statement. “We remain focused on maintaining financial prudence while delivering world-class excellence and elevating the experience we provide to our customers at every stage of their journey.”
Philippine Airlines continues to invest in fleet modernization, customer experience enhancements and strategic initiatives to improve efficiency, strengthen connectivity and support the country’s travel and tourism sectors.
PAL is the Philippines’ only full-service network airline. Founded in 1941, PAL is Asia’s first commercial airline and has played a vital role in connecting the Philippines to the world for over 85 years.
PAL’s operates scheduled nonstop flights from its hubs in Manila and Cebu to 29 destinations across the Philippines and 40 destinations in Asia, North America, Australia, and the Middle East.
PAL is an APEX Four Star™ airline and was recognized by Cirium for achieving the highest on-time performance among Asia-Pacific carriers in 2025.
