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" ... The reason for the lowered S&P debt ratings is not surprising: the continuing financial damage being caused by Covid-19 and efforts to stem its spread that have resulted in the elimination of nearly all demand for travel across international borders and most demand for even domestic air travel around the globe. What may be surprising to some, however, is the degree of negativity included in S&P’s update on the global airline industry, which included its announced down gradings. ... "