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BULLETIN: Delta Air Lines Reports Heavy Loss Oct 02
Standard & Poors, Oct 2002
Abstract
Delta Air Lines Inc. (BB/Negative/--) reported a heavy pretax loss of $561 million, before $34 million in federal Airline Stabilization Act compensation, little changed from the pretax loss of $579 million before such compensation in the same period of 2001. Standard & Poor's Ratings Services said its ratings and outlook for the company are not affected. The 2002 loss, which included a $225 million asset write-down, was in line with prior company guidance. Still, the magnitude of the loss and the comparison with the 2001 period, which included the Sept. 11 events and their immediate aftermath, shows the severity of the financial challenge facing U.S. airlines. Delta's liquidity remains adequate, despite the heavy losses, with $1.7 billion of cash, $920...
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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