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BULLETIN: Delta Air Lines Pilots Withdraw From Concession Talks Jul 03
Standard & Poors, July 2003
Abstract
NEW YORK (Standard & Poor's) July 24, 2003-The pilots' union of Delta Air Lines Inc. (BB-/Negative/--) said yesterday that it had withdrawn from negotiations with Delta's management regarding potential concessions. Standard & Poor's Ratings Services' ratings and outlook on Delta are not affected at this time. However, lowering the airline's high operating costs is crucial to a financial recovery and is factored into the current rating. Accordingly, ratings could be lowered if it appears that material relief on labor costs is not likely. The pilots object to management's proposal that their pay be benchmarked against the sharply reduced pay recently negotiated at several other large U.S. airlines, and to the proposal to incorporate these concessions in the current contract, which...
Companies mentioned in this report are: Delta Air Lines Inc.
Action: S&P Event
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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