Etihad will continue losing money through 2022, Fitch Ratings forecast, citing the “high execution risk” in the state-owned carrier’s turnaround plan. The credit ratings company affirmed the airline’s long-term rating at ‘A’ with a stable outlook, given the support provided by the government of Abu Dhabi, Etihad’s owner. “We continue to rate Etihad three notches below its ultimate sole shareholder Abu Dhabi, despite the change in criteria,” the company said Wednesday. Fitch expects Etihad to remain the smallest among the three Persian Gulf carriers, including Emirates and Qatar Airways. Despite cost advantages compared with BA, Lufthansa and Air France-KLM, Etihad’s unit revenue is lower than that of Emirates and European peers, Fitch said, citing “very weak” financials.<br/>