Lufthansa : Slow deleverage
>Comfortable level of liquidity but the reduction in leverage is taking time - We deem the current level of liquidity to be comfortable at € 10.6bn at end-December and factoring in € 1.6bn in bond issues and the reimbursement of € 1bn KfW loan (February). We think that Lufthansa could renew its call to the markets in order to refinance, at a more attractive rate, the remaining € 2.3bn of the stabilisation package (including SPII with a coupon increasing from 4% in 202...Deutsche Lufthansa is an aviation group based in Germany. Co. maintains global operations and a total of more than 500 subsidiaries and associated companies. Co. operates in five major business segments: scheduled passenger air traffic ("Passenger Airline Group"); scheduled airfreight services ("Logistics"); maintenance, repair and overhaul ("MRO"); information technology ("IT Services") and catering ("Catering").
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