E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 10/7/2009 in the Prospect News Bank Loan Daily, Prospect News Convertibles Daily, Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

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)."


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.