Out of all the airlines, I think AZ is probably the most secure. It's not going anywhere. If things do get nasty and there is a cash flow crisis - the govt will bail them out. And the EU won't do anything about it.
However, if the govt. bailed out an LCC - they would be in the sh*t - as the EU has double standards when it comes to bailouts/legalities/etc and airlines. One rule for flag carriers, and another for LCCs.