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Research Update: Delta Air Lines Inc. Jul 03 Product Image

Research Update: Delta Air Lines Inc. Jul 03

  • ID: 1928762
  • July 2003
  • Standard & Poors

Abstract
On July 8, 2003, Standard & Poor's Ratings Services affirmed its ratings on Delta Air Lines Inc. (BB-/Negative/--) and removed them from CreditWatch, where they were placed on March 18, 2003. The ratings were lowered to current levels on March 28. The outlook is negative. The ratings on Delta, the third-largest airline in the world, reflect financial damage from substantial losses over the past two years and a heavy debt and lease burden, but benefit from a solid market position in the U.S. domestic and trans-Atlantic markets and the work rule flexibility and productivity made possible by a mostly nonunion work force. A gradually improving airline environment, substantial cost-cutting initiatives, and adequate liquidity should enable the company to improve its...

Companies mentioned in this report are: Delta Air Lines Inc.
Action: Affirmed, Off CreditWatch

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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Delta Air Lines Inc.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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