Fair enough but I'm not debating the merits of airlines per Se just that AIR is clearly better than QAN or VAH. I know QAN got their rating back but it's only because of leverage to low fuel prices imo. They lost their rating a few years ago while AIR maintained theirs. VAH has c 35% of the domestic air traffic in OZ but have been a perennial loss maker compared to AIR who have c 90% market share on the NZ domestic network and successfully milk that franchise to support the airline as a whole despite any local criticism. A bit like how people hate banks and petrol companies but they have to use them and they keep making $$. Jetstar can peg them back a little but it doesn't compare to what QAN do to VAH and vice versa.
AIR will no doubt pay good dividends for this and next year and is cheaper on earnings than QAN and VAH but whether it is of itself a good investment is much more complicated.