S&P rates Hawaiian Holdings B

Standard & Poor's said it assigned a B corporate credit rating to Hawaiian Holdings Inc.

The outlook is stable.

The corporate credit rating on Hawaiian Holdings, parent of Hawaiian Airlines Inc., reflects its relatively small position among U.S. airlines, its participation in the high-risk U.S. airline industry and a substantial debt burden, S&P said.

Competitive operating costs and adequate liquidity are positive credit factors, the agency said.

Hawaiian's business profile is considered weak, its financial profile is highly leveraged and its liquidity is adequate, S&P said.

The agency said it expects Hawaiian's credit metrics to decline somewhat for 2013 based on the first-quarter loss and continued weaker-than-expected pricing.

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