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Moody's drops US Airways to Caa1
Moody's Investors Service said it downgraded the corporate family and probability-of-default ratings of US Airways Group, Inc. to Caa1 from B3, and its senior secured bank credit facility to B3 from B2. The speculative grade liquidity assessment was changed to SGL-4 from SGL-3.
The agency lowered US Airways, Inc.'s series 1998-1 pass-through certificates to Caa1 from B3 and series 1999-1 pass-through certificates to Caa1 from B3.
The outlook is negative.
Moody's said the actions were prompted by the expectation that US Airways' financial performance will remain under pressure and that its liquidity profile could deteriorate as a result of the difficult operating environment facing the U.S. airline industry.
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