The value of Atomos points is in partner redemptions, particularly in those with multiple partners and/or multiple segments (with or without a free stopover). The value of redemptions on its own metal is generally very poor (only AC is probably worse in North America in that regard). Like AC, the advantage of the Atmos program has always been the extent of its partnerships. With the scarcity of premium-cabin partner awards, the value proposition of the program is already in question. Like many other carriers, AS is looking to sell a lot more points, thus greatly increasing its liabilities with fewer and fewer redemption opportunities to retire those liabilities. With its more limited ability to retire those liabilities with redemptions on its own metal compared to the big three, AS will likely be under greater pressure to devalue its currency in partner redemptions.