VAH are in a trading halt on the ASX pending an announcement.
Interesting to see the comparison between Virgin Australia and Aeroflot as determined by Fitch Ratings.
"VAH's rating compares well with that of Public Joint Stock Company Aeroflot - Russian Airlines (Aeroflot, BB/Negative). Aeroflot benefits from its position as Russia's flagship carrier, as well as the diversification of its route network, favourable hub position and competitive cost structure. VAH's business profile is comparable with that of Aeroflot as well. VAH has a strong market position as a result of the structure of the Australian aviation market and the end-of-the-line protection of its main domestic operations.
The main factors underscoring the four-notch differential are Aeroflot's rating benefits from a two-notch uplift under Fitch's Government-Related Entities Rating Criteria, with the remaining two notches attributable to Aeroflot's better business profile due to larger scale and the deterioration of VAH's financial profile - which has led to one of the two-notch downgrade - as it responds to the pandemic".