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Airlines Look for Light at the End of Tunnel Jun 03
Standard & Poors, June 2003
Abstract
Airlines worldwide have endured an unprecedented series of adversities over the past two years. A normal cyclical downturn starting at the end of 2000 was dramatically worsened by the terrorist attacks of Sept. 11, 2001, war in Iraq, and the outbreak of Severe Acute Respiratory Syndrome (SARS). Large, hub-and-spoke airlines, particularly in North America and, to an increasing extent, in Europe face longer-term challenges from rising low-cost competition and the ability of customers to shop for low fares using the Internet. The large airlines are responding with cost-cutting programs, attempts to negotiate concessions from their labor unions, and experiments with new fare structures and service offerings. This credit comment will analyze the credit outlook for the hard-hit large U.S. airlines,...
Companies mentioned in this report are: AMR Corp.,American Airlines Inc.,Continental Airlines Inc.,Delta Air Lines Inc.,Northwest Airlines Inc.,Southwest Airlines Co.,United Air Lines Inc.,US Airways Inc.,Alaska Air Group Inc.,United Continental Holdings Inc.,AirTran Holdings Inc.,America West Airlines Inc.
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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