Moody's affirms Alaska Air; outlook stable

Moody's Investors Service said it affirmed its debt ratings of Alaska Air Group, Inc., including the corporate family and equipment trust certificates, each at B1, and changed the outlook to stable from negative.

Moody's said it also assigned a speculative-grade liquidity rating of SGL-2.

"The revised stable outlook reflects Alaska Air's good liquidity and improving airline operating metrics and credit metrics," said Moody's senior analyst, Jonathan Root.

Alaska Air currently reports the highest yields compared to its U.S. peers, the agency said, noting that the SGL-2 speculative-grade liquidity rating reflects Alaska Air's good liquidity, with unrestricted cash above $1 billion and the expectation of positive free cash flow generation over the near term.

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