Like many airlines rocked by high fuel costs and poor economic growth, Qantas Airways has hit turbulence in recent years. In December 2013, however, the Australian flag carrier reached something of a nadir. That month, the airline was forced to issue a market update that warned of "accelerated cost reductions" and a strategic review – a response to "fundamentally changed market conditions". The airline lost its cherished investment grade rating from New York-based credit rating agency Standard &