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Research Update: Delta Air Lines Inc. Jul 03

  • ID: 1929302
  • July 2003
  • Standard & Poors
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On July 30, 2003, Standard & Poor's Ratings Services assigned its 'B' rating to Delta Air Lines Inc.'s (BB-/Negative/--) proposed $683.5 million 10% senior notes due 2008, being offered in exchange for two outstanding senior note issues. The rating on the new notes, which are senior unsecured obligations, is two notches lower than Delta's corporate credit rating because the large amount of secured debt and leases in the company's capital structure places senior unsecured creditors in an effectively subordinated position. The notes, issued under Rule 144a, with registration rights, are being offered in exchange for the $300 million 6.65% medium-term notes, series C, due 2004 (along with cash) and for the $500 million 7.7% senior notes due 2005; Delta is...

Companies mentioned in this report are:
- Delta Air Lines Inc.

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 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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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- Delta Air Lines Inc.

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