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Summary: Alaska Air Group Inc. Feb 11
Standard & Poors, Feb 2011
Abstract
Standard & Poor's Ratings Services' ratings on Seattle, Wash.-based Alaska Air Group Inc. (Alaska Air) reflect the company's position as a relatively small participant in the cyclical and price-competitive U.S. airline industry; an improving, but still-aggressive, financial profile; and liquidity we believe should remain comfortably sufficient for operating needs and debt service. We project EBITDA interest coverage of around 4.0x and funds flow to total debt in the 25%-30% range for 2011. Liquidity is comfortably adequate, with unrestricted cash and short-term investments of $1.2 billion as of Dec. 31, 2010, equal to 31.5 % of annualized revenues (the best among U.S. airlines) and $200 million fully available under its credit facilities. The company plans to scale its capital spending upwards...
Companies mentioned in this report are: Alaska Air Group Inc.,Alaska Airlines Inc.,American Airlines Inc.,Delta Air Lines Inc.,Southwest Airlines Co.,United Air Lines Inc.,Horizon Air Industries Inc,Allegiant Travel Co.
Action: Review
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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