S&P keeps US Airways outlook negative

Standard & Poor's said US Airways Group Inc., parent of US Airways Inc. (both B/negative) remain with a negative outlook after the company reported a net loss of $90 million for the third quarter ended Sept. 30, 2003, narrower than the loss in the same period last year but nevertheless disappointing.

US Airways' results are expected to be somewhat worse than average among peer airlines in the third quarter, despite the cost and balance sheet improvements achieved in the company's Chapter 11 bankruptcy reorganization, S&P said. The airline's revenues continue to be under pressure from low-cost competition and the increasing use of low-fare tickets by business travelers, and management acknowledges a need to reduce costs further.

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