12:52 PM EDT, 07/16/2024 (MT Newswires) -- Delta Air Lines' ( DAL ) long-term issuer default rating was upgraded to BBB- from BB+ by Fitch Ratings on Tuesday to reflect credit metrics that "improved considerably" after the COVID-19 pandemic.

"The company has reduced gross debt and operating leases roughly $11 billion over the past three years and expects unencumbered assets to total $30 billion by year end," Fitch said.

Fitch cited Delta's "leading position in key markets and strong brand reputation."

Ratings reflect the company's "conservative" financial policies with management "consistently prioritizing manageable debt levels," Fitch said.

Shares of Delta Air Lines ( DAL ) rose 4.9% in recent Tuesday trading.

Price: 45.08, Change: +2.08, Percent Change: +4.85