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Airline Unsecured Debt Ratings Lowered; Other Ratings Unaffected Nov 01
Standard & Poors, Nov 2001
Abstract
NEW YORK (Standard & Poor's) Nov. 29, 2001-- Standard & Poor's downgraded its senior unsecured debt ratings for nine airlines (see list below), reflecting reduced asset protection for unsecured creditors and application of revised criteria for 'notching' down of such debt ratings based on the proportion of secured debt in a company's capital structure. The ratings remain on CreditWatch with negative implications. The rating actions do not indicate a changed estimate of default risk, but rather poorer prospects for recovery on senior unsecured obligations if the affected airlines were to become insolvent. Accordingly, no corporate credit ratings or other types of debt are affected; airport revenue bonds, though often senior unsecured debt in a legal sense, are related to a...
Companies mentioned in this report are: Air Canada,AMR Corp.,American Airlines Inc.,Continental Airlines Inc.,Delta Air Lines Inc.,Northwest Airlines Inc.,United Air Lines Inc.,British Airways PLC,Northwest Airlines Corp.,ATA Holdings Corp.,America West Airlines Inc.
Action: Downgraded, On CreditWatch Negative
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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