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BULLETIN: Delta Air Lines Predicts Heavy Loss, Charges Sep 02
Standard & Poors, Sep 2002
Abstract
Delta Air Lines Inc. (BB/Negative/--) said today that it expects to report a net loss from operations of about $225 million in the third quarter of 2002, with another $125 million (after tax) of charges to write down aircraft values and for other reasons. Standard & Poor's Ratings Services said its ratings and outlook on the airline are not affected. In addition, the company disclosed in a filing to the SEC that it expects to be in violation of covenants on two letter of credit agreements that support certain tax-exempt revenue bonds and the Series C Guaranteed Serial ESOP Notes (A-) issued by the Delta Family-Care Savings Plan. Delta has renegotiated covenants as regards the former and will terminate the...
Companies mentioned in this report are: Delta Air Lines Inc.
Action: S&P Event
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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