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Moody's cuts US Airways EETCs
Moody's Investors Service said it downgraded its ratings of selected Enhanced Equipment Trust Certificates supported by payments from US Airways Inc. The outlook for these securities remains negative.
Moody's downgraded US Airways' series 1998-1 class A to Ba2 from Ba1, class B to Caa1 from B3, class C to C from Caa2, series 1999-1 class B to Caa1 from B3, class C to C from Ca, series 2000-3 class C to C from Caa2, series 2001-1 class C to C from Caa3 and confirmed the series 1999-1 class A at Ba2.
Moody's said the downgrades reflect the company's Sept. 12 filing under Chapter 11 and the increasing potential for losses for EETC holders.
The rating actions primarily affect the most junior tranches of the EETCs, which Moody's said it believes are most likely to incur losses.
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