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Prospect News home > News index > List of issuers U > Headlines for US Airways Group, Inc. > News item |
Fitch cuts US Airways convertibles, rates notes B-
Fitch Ratings said it assigned a rating of B-/RR6 to the proposed $400 million unsecured notes to be issued by US Airways Group, Inc.
In addition, Fitch downgraded US Airways' senior unsecured convertible notes to CCC+/RR6 from B-/RR6, reflecting that the convertibles do not benefit from a guarantee from US Airways, Inc. as do the new unsecured notes.
The issuer default ratings for US Airways Group, Inc. and its primary operating subsidiary US Airways, Inc. remain unchanged at B+ with a positive outlook.
Fitch said the B-/RR6 rating is driven by its recovery analysis, which reflects recovery expectations under a scenario in which distressed enterprise value is allocated to the various debt classes.
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