Interesting point of view from S & P: "Despite much fanfare...

Interesting point of view from S & P:

"Despite much fanfare surrounding the new Dreamliner, Qantas Airways Ltd.'s
aircraft investment has remained subdued over the past few years," says Graeme
Ferguson, a credit analyst at S&P Global Ratings. "Since its financial
turnaround in fiscal 2015, Qantas has used surplus capital to fund shareholder
returns rather than to grow invested capital. We do not view this as
sustainable."

"Qantas may face a sizable fleet-funding task at an inopportune time. That's
because the airline's investment in new aircraft may coincide with the
resumption of company tax payments," said Mr. Ferguson. "Moreover, Qantas'
financial framework limits the extent to which investments can be debt-funded,
and the Qantas Sales Act may complicate the airline's access to equity."