Ratings agencies are generally the last to know when things start going bad. The Qantas fuel suppliers would have a far better feel for what is going on. Creditors are smarter than banks.
Furthermore, Qantas is now hoist with its own petard - after years of complaining about inadequate returns, it can't just suddenly come out and explain how strong its business is , can it?
Not only that, given its IR tactics and outsourcing, it can't ask its employees to rally round the flag in tough times, can it?
Karma is a bitch.