MONTREAL, Sept. 26, 2019 /CNW Telbec/ - Air Canada's consistently strong share price performance has been recognized in the inaugural TSX30, a new program highlighting top performing stocks on the Toronto Stock Exchange over a three-year period. The airline's inclusion underscores its successful transformation, which has resulted in a stock price appreciation of approximately 365 per cent over the past three years. Since beginning its transformation in April 2009, Air Canada's shares have appreciated by more than 5,400 per cent.
"Air Canada's inclusion in the inaugural TSX30 is a welcome recognition of the value we have created for shareholders through the ongoing transformation of our company. However, we know our financial success is rooted in providing superior service to our customers on a daily basis and for that reason this recognition also acknowledges the hard work and contributions of all Air Canada employees," said Michael Rousseau, Deputy Chief Executive and Chief Financial Officer of Air Canada.
The announcement that Air Canada is an inaugural member of the TSX30 follows on Moody's Investors Service's recent decision to upgrade Air Canada's Corporate Family Rating to Ba1 from Ba2. In issuing its upgrade, Moody's stated the higher rating "reflects Air Canada's stronger financial profile, whereby the company has continued to reduce leverage and has strengthened its flexibility". Earlier this year, Standard & Poor's similarly upgraded Air Canada's rating to 'BB+' from 'BB' citing lower financial risk.
"Having our greater financial resiliency acknowledged by these agencies advances us to one level below our goal of investment grade status," said Mr. Rousseau.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
Air Canada's public communications may include forward-looking statements within the meaning of applicable securities laws. Forward-looking statements, by their nature, are based on assumptions, are subject to important risks and uncertainties and cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Actual results may differ materially from results indicated in forward-looking statements due to a number of factors, including the factors identified in Air Canada's public disclosure file available at www.sedar.com and, in particular, those identified in section 14 "Risk Factors" of Air Canada's second quarter 2019 MD&A and section 18 "Risk Factors" of Air Canada's 2018 MD&A. Credit ratings are intended to provide investors with an independent view of credit quality. They are not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the rating organization. Any forward-looking statements contained in this news release represent Air Canada's expectations as of the date of this news release and are subject to change after such date. However, Air Canada disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities regulations.
About the TSX30
The TSX30 is a new program that recognizes the 30 top-performing TSX stocks over a three-year period based on dividend-adjusted share price appreciation. The list of 2019 members includes both newer and established listed companies across a wide range of sectors. The full ranking, methodology, and articles and video content are available on www.tsx.com/tsx30.
About Air Canada
Air Canada is Canada's largest domestic and international airline serving nearly 220 airports on six continents. Canada's flag carrier is among the 20 largest airlines in the world and in 2018 served nearly 51 million customers. Air Canada provides scheduled passenger service directly to 62 airports in Canada, 54 in the United States and 101 in Europe, the Middle East, Africa, Asia, Australia, the Caribbean, Mexico, Central America and South America. Air Canada is a founding member of Star Alliance, the world's most comprehensive air transportation network serving 1,250 airports in 195 countries. Air Canada is the only international network carrier in North America to receive a Four-Star ranking according to independent U.K. research firm Skytrax, which also named Air Canada the 2019 Best Airline in North America. For more information, please visit: aircanada.com/media, follow @AirCanada on Twitter and join Air Canada on Facebook.
SOURCE Air Canada