ANA Holdings Inc.'s bond risk jumped last year as the company announced its biggest-ever order for new aircraft. Now Japan's largest airline is being rewarded for the bravado that saw it give its fleet "Star Wars" paint jobs.
The cost to insure the debt of ANA against nonpayment dropped to 58 basis points, the lowest since January 2008, from 128 a year earlier, according to data provider CMA.
The Markit iTraxx Japan credit-default swap index fell three basis points during the period. ANA has a positive outlook on its BBB+ credit score from Japan's Rating & Investment Information Inc., the third-lowest investment grade.