"Tough decisions" ahead Qantas will also axe its Perth to Singapore route and suspend new growth plans for Jetstar. "When it comes to Jetstar in Asia, we need to take the right decisions in accord with current market circumstances and our balance sheet," said Joyce. "In Singapore, growth has been suspended by the Jetstar Asia board until such time as conditions improve." Following an interim profit warning in December, Moody's and S&P both downgraded Qantas' credit rating to "junk" status, increasing its financing costs and restricting access for investors who do not put their money in lower-rated companies. Qantas has since been working to convince the government it deserves a debt guarantee, while lobbying Canberra to relax the Qantas Sale Act which limits foreign ownership in the airline to 49 per cent.