Manufacturing Industry
Standard & Poor's downgrades US Airways' corporate credit rating
Airline Industry Information, May 7, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Standard & Poor's has reportedly downgraded US Airways' corporate credit rating, threatening an aircraft financing deal underpinning the carrier's restructuring.
The rating agency downgraded the airline's debt to CCC+ from B- and attached a negative outlook. The downgrade was reportedly based on the difficult challenge faced by US Airways as it seeks to lower its operating expenses in order to compete with Southwest Airlines - which is moving to the airline's Philadelphia hub.
US Airways has asked General Electric Capital Aviation Services to amend their agreement for financing a portion of a jet order. The GE unit is permitted to withdraw from the agreement in the case of a rating below B-, Reuters reported.
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