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Bulletin: Delta Air Lines Reports A Heavy Loss, But Maintains Liquidity; No Ratings Impact Apr 09
Standard & Poors, April 2009
Abstract
NEW YORK (Standard & Poor's) April 21, 2009--Delta Air Lines Inc. (B/Negative/--) today reported a substantial first-quarter 2009 $794 million net loss, hurt by $684 million of fuel hedge losses. However, the company generated more than $600 million of operating cash flow and maintained liquidity (unrestricted cash and bank line availability) of $5 billion, a minimum level below which we have said that we could lower ratings. Standard & Poor's Ratings Services said that the results do not affect our rating or outlook on Delta. Management now forecasts year-end liquidity of $6 billion to $6.5 billion, lower than the previous guidance of $7 billion, but still adequate. Despite the large first-quarter loss (and material, though lower, hedge losses expected in...
Companies mentioned in this report are: Delta Air Lines Inc.
Action: Bulletin
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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