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Criteria | Corporates | Industrials: Key Credit Factors: Criteria For Rating The Airline Industry Oct 10
Standard & Poors, Oct 2010
Abstract
Category one factors are, in our view, the most relevant factors; they ordinarily affect the rating outcome in a meaningful way, and in many instances are critical to our rating conclusions. We view category two factors as of lesser relevance, but they may in some instances still prove critical. Category three factors may be individually meaningful in a few instances, but ordinarily just shape the company's overall profile in conjunction with the other factors. Market position, including the following key elements: its route network, the revenue potential of the markets it serves, and the strength of the airline's competitive position in those markets (which may be enhanced by implicit government support in some countries); Revenue generation, which includes capacity utilization...
Companies mentioned in this report are: AMR Corp.,American Airlines Inc.,Continental Airlines Inc.,Delta Air Lines Inc.,Southwest Airlines Co.,US Airways Group Inc.,Air Canada,Alaska Air Group Inc.,United Continental Holdings Inc.,Qantas Airways Ltd.,Japan Airlines International Co. Ltd.,Deutsche Lufthansa AG,British Airways PLC,AirTran Holdings Inc.,JetBlue Airways Corp.,TAM S.A.,SAS AB
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.
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