As investigations into the cause of the March 10 Ethiopian Airlines plane crash that killed 157 people continue, travellers, lenders and partners have kept faith with Africa’s largest carrier.
The causes of the Flight 302 tragedy will likely take months to establish.
While much of the international focus has been on U.S. planemaker Boeing and its 737 MAX 8 jet, the airline’s reputation could also hinge on the results of the investigation.
Although crash inquiries focus on preventing future accidents rather than attributing liability, any findings that the carrier fell short in plane maintenance or piloting could be damaging.
For the present, however, passenger confidence in Ethiopian Airlines, long regarded as one of the most reliable in Africa, has remained steady, according to the company.
Cancellation and booking rates are unchanged since the crash, said spokesman Asrat Begashaw.
“We are operating as normal,” he said. “Our brand is keeping its level, and we are okay.”
Two banking sources with knowledge of the matter said that, barring a major new twist in the investigation with long-term fallout, banks were still comfortable lending to Ethiopian Airlines.
“Ethiopian is a solid company,” said one, an official from an international bank that helped finance the acquisition of some Ethiopian Airlines planes. “No reason to change the way the bank sees its credit risk at this point.”
A vote of confidence from lenders is important for the airline because its years of rapid expansion have largely been financed by international borrowing.
The second source, a top European aviation banker, said Ethiopian Airlines was “a good airline, with a good reputation”.
“So unless it (the crash) is a major problem of piloting or maintenance – and it is far too early to talk about that – they will still have access to financing,” the source added.
The sources declined to be identified because the matters are confidential.
“Ethiopian’s accident has not affected our partnership in any way,” said Lionel Tsoto, the airline’s head of public relations. “We continue just as before.”
Global aviation leasing firm GECAS said the airline was a “close and valued partner who we look forward to working with in the future”.
Investigators have noted similarities with another deadly crash in Indonesia five months ago involving a plane of the same type owned by Lion Air, but safety officials stress the investigation is at an early stage.
Ethiopian Airlines, which grounded its handful of remaining 737 MAX planes, said it would decide whether to cancel orders for 29 others after a preliminary investigation.
Boeing will be keen to retain the airline as a customer; more than half of Ethiopian’s fleet are Boeing jets.
“Ethiopian have been very loyal to Boeing in the past,” said Phil Seymour, chief executive of the IBA Group, a Surrey-based aviation consultancy.
“They will be in control of the conversation with Boeing now,” he added. “I would suspect that the business decision is to stick with the order.”