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Delta Air Lines Inc.'s Secured Credit Facility And Term Loan Facility Each Rated 'BB-' (Recovery Rating '1') Mar 11 Product Image

Delta Air Lines Inc.'s Secured Credit Facility And Term Loan Facility Each Rated 'BB-' (Recovery Rating '1') Mar 11

  • Published: March 2011
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) March 31, 2011--Standard & Poor's Ratings Services said today that it has assigned its 'BB-' issue-level ratings to Delta Air Lines Inc.'s $1.225 billion secured revolving credit facility maturing in 2016 and $1.375 billion first-lien term loan facility maturing in 2017. The ratings are two notches higher than the 'B' corporate credit rating on Delta. The recovery rating on each facility is '1', indicating our expectation that lenders would receive very high (90%-100%) recovery of principal in the event of a payment default. The facilities are refinancing the first-lien revolving credit facility and second-lien term loan, respectively, that were used to fund Delta's exit from Chapter 11 bankruptcy protection in 2007. They are secured by...

Companies mentioned in this report are: Delta Air Lines Inc.,Northwest Airlines Inc.,Northwest Airlines Corp.
Action: New Rating

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 READ MORE >

Delta Air Lines Inc.,Northwest Airlines Inc.,Northwest Airlines Corp.

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