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S&P rates JetBlue notes CCC
Standard & Poor's said it assigned a CCC rating to JetBlue Airways Corp.'s (B-/negative/NR) proposed $75 million series A senior convertible debentures due 2039 and $75 million series B senior convertible debentures due 2039 with 6 recovery ratings.
"Our ratings on JetBlue Airways reflect high debt levels the company has undertaken to finance its previously rapid growth rate; participation in the cyclical, price-competitive and capital-intensive airline industry; and near-term revenue and earnings pressure due to the U.S. recession," S&P analyst Philip Baggaley said in a statement.
"The ratings also incorporate the airline's low operating cost structure," he continued.
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