Research Update: Delta Air Lines Inc. Pass-Through Certificates Assigned Preliminary 'A-' Rating Nov 10
Standard & Poors, November 2010
Abstract
Delta Air Lines Inc. is issuing pass-through certificates, series 2010-2A, to refinance its existing owned planes. We consider the aircraft collateral to be of mixed quality; cross-collateralization and cross-default provisions enhance the likelihood of Delta continuing to pay on the certificates in any bankruptcy scenario. We are assigning our preliminary 'A-' rating to the class A certificates. Each aircraft's secured notes are cross-collateralized and cross-defaulted--a provision we believe increases the likelihood that Delta would affirm the notes (and thus continue to pay on the certificates) in bankruptcy. On Nov. 15, 2010, Standard & Poor's Ratings Services assigned its preliminary 'A-' rating to Atlanta, Ga.-based Delta Air Lines Inc.'s (Delta) series 2010-2 class A pass-through certificates, with an expected maturity of...
Companies mentioned in this report are: Delta Air Lines Inc.,Natixis S.A.,Northwest Airlines Inc.,Bank of New York Mellon (The),Northwest Airlines Corp.
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.
Delta Air Lines Inc.,Natixis S.A.,Northwest Airlines Inc.,Bank of New York Mellon (The),Northwest Airlines Corp.
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