Summary: Delta Air Lines Inc. Nov 10
Standard & Poors, November 2010
Abstract
The ratings on Atlanta, Ga.-based Delta Air Lines Inc. reflect a highly leveraged financial risk profile with significant intermediate-term debt maturities and risks associated with the price-competitive, cyclical, and capital-intensive airline industry. The ratings also reflect the reduced debt and operating costs Delta achieved while in Chapter 11 in 2005-2007 and an enhanced competitive position and synergy opportunities from its 2008 merger with Northwest Airlines Corp. (parent of Northwest Airlines Inc.; the two airlines were fully integrated in December 2009). In addition, the ratings reflect Standard & Poor's Ratings Services' characterization of Delta's business risk profile as weak. With its merger with Northwest Airlines, Delta became the largest U.S. airline until the merger of UAL Corp. (parent of United Air...
Companies mentioned in this report are: Delta Air Lines Inc.
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.
Delta Air Lines Inc.
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