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S&P rates AirTran convertibles CCC-
Standard & Poor's said it assigned its CCC- rating to AirTran Holdings Inc.'s (CCC+/positive/--) $75 million convertible senior notes due 2016 and assigned a 6 recovery rating, indicating negligible (0-10%) recovery in a payment default to the notes.
At the same time, the agency affirmed its CCC+ long-term corporate credit rating on AirTran and revised the outlook to positive from stable.
"The outlook revision reflects improved liquidity and continuing satisfactory operating performance in a difficult airline industry environment," said S&P credit analyst Philip Baggaley in a news release. "The notes and a concurrent offering of 9 million shares of common stock (about $45 million) provide a material boost to AirTran's liquidity (unrestricted cash and short-term investments were $387 million as of June 30, 2009)."
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