Unusual, fiftyfour: you're right on the mark in some respects and completely wrong in others!..
(a) I'd hardly call an operating profit of £405M for last year "only just breaking even"!..
(b) BA's rating WAS junk but it's now BB+ (S&P) or Ba1( Moody's) as a cursory google to
http://quote.bloomberg.com/apps/news...d=avfWZeA9zsFA would have shown you.
(c) BA's not trying to survive. It will survive (cash reserves in excess of 1 billion will see to that).
But!.
(d) You're quite right: BA won't be buying EZY in five/ten years' time. It would be quite wrong as a strategy.