Moody's Investor's Service has changed its outlook on Air New Zealand to negative from stable as a result of the earthquakes in Christchurch and Japan and rising fuel prices.
The ratings agency says reduced demand is likely for flights on a number of the airline's key routes, which will in turn reduce earnings and that may put pressure the company's ratings.
It says the rating outlook could revert to stable if uncertainty in the company's operating environment stabilises.
On the other hand, Moody's says, Air New Zealand's rating could come under further pressure if there is evidence of sustained weakness in the company's financial profile.
Last week, the airline warned it would lose money in the second half of the year, saying its underlying profit would fall below $100 million for the year to June, some $50 million less than analysts had expected.
