|
|
 |
|
Viewing report
|
|
|
|
Behind Standard & Poor's February 2003 Review of Aircraft-Backed Debt Feb 03
Standard & Poors, Feb 2003
Abstract
Standard & Poor's Ratings Services lowered its ratings on selected enhanced equipment trust certificates (EETCs) of 11 U.S. airlines on Feb. 18, 2003, reflecting further deterioration in aircraft values, and thus collateral coverage for many issues of aircraft-backed debt. The news release that summarized those rating actions (see 'Ratings Lowered on Selected Aircraft Debt of 11 Airlines') described some of the factors that were considered in Standard & Poor's rating actions. This commentary provides further background information on estimated loan-to-values for the rated EETCs and provides information on changes in aircraft values since mid-2001. The review just completed was the second general review of enhanced equipment trust certificates since Sept. 11, 2001, and incorporated consideration of both the further significant...
Companies mentioned in this report are: American Airlines Inc.,Continental Airlines Inc.,Delta Air Lines Inc.,Northwest Airlines Inc.,Southwest Airlines Co.,United Air Lines Inc.,US Airways Inc.,Atlas Air, Inc.,ATA Airlines Inc.,FLYi Inc.,FedEx Corp.,America West Airlines Inc.,AIR 2 US LLC
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
|
|
|
|
