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BULLETIN: Delta Air Lines to Take $1.6 Billion of Charges Jul 04
Standard & Poors, July 2004
Abstract
NEW YORK (Standard & Poor's) July 13, 2004--Delta Air Lines Inc. (B-/Negative/--) this morning announced that it will take a $1.5 billion noncash charge to write off deferred tax assets, and a separate $117 million charge relating to its pilot pension plan, both in the second quarter that ended June 30, 2004. The actions, which follow similar charges at other large U.S. airlines, are not unexpected and do not affect Standard & Poor's rating or outlook on the company. The deferred tax write-off reflects the company's judgment that it will not be able to generate sufficient taxable income in the future to utilize the deferred tax assets. Going forward, Delta will no longer record a deferred tax benefit against its...
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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