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Fitch Ratings said Monday it has upgraded All Nippon Airways’ foreign and local currency issuer ratings to BBB-minus from BB-plus because the airline’s financials are improving at a steady pace.

The rating agency also upgraded ANA’s senior unsecured debt rating to BBB-minus from BB-plus.

ANA recently turned in a solid operating performance and agreed in mid-April to sell off 13 hotels, which will remove most of its hotel assets from its balance sheet.

Fitch said ANA’s restructuring programs, introduced immediately after the Sept. 11, 2001, attacks in the United States, combined with efforts to renew and downsize its aircraft have resulted in a superior demand-supply balance and robust performance.

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