When I last flew with Qantas 2011 - I decided it'd be my last ever flight with Qantas as the customer service was so terrible - I gather other people felt much the same and this hasn't surprised me at all:

Qantas: S&P cuts airline's credit rating to 'junk'


Qantas, the Australian airline, has had its credit rating downgraded to "junk" - below-investment - level, by the ratings agency Standard & Poor's (S&P).