LeadSled,
Noclue appears to have more clue than you.
When Moody's downgraded QAN it was because "''As a consequence, we expect these conditions to exacerbate an already high financial leverage....."
ie they believe QF is going to have trouble paying its bills. Not just the future jet purchases but other commitments. The $3B is not cash they have sitting spare, it is already (under)balanced against their liabilities.