"The point I make is that if we subsidise Qantas, why not subsidise everyone?" Abbott said in an interview on Melbourne radio station 3AW. "If we subsidise everyone, that's just a bottomless pit into which we will descend." The Australian flag carrier had been one just four airlines with investment grade ratings from Moody's or S&P. The remaining three are Lufthansa, Air New Zealand and Southwest Airlines. S&P's move to cut its main rating on the carrier to BB+, one rank below investment grade, could make it harder for debt-loaded Qantas to borrow funds. The airline could also lose some shareholders whose rules on investment prevent them from retaining stock in companies rated at junk level. Qantas warned yesterday that it expects a pre-tax first-half loss of between A$250 million and A$300 million (€166m to €199m) in the six months to December 31. S&P said that warning caused the carrier's financial risk profile to deteriorate, adding it may cut Qantas's rating again.