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Ratings agency Moody’s has estimated that full capacity for the global airline industry would be as much as 35% down on 2019, due to the impact of Covid 19, against pre-crisis consensus opinion the sector would see a 4% increase in travel this year. Last week Moody’s downgraded the majority of airlines it rates, with just Air New Zealand holding its rating as stable. Citing uncertainty over the potential development of the Covid 19 pandemic on the airline sector Moody’s said it had assessed a range of outcomes and that it expected the fall in passenger traffic to continue into