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S&P rates Delta pass-through certs A-, BB
Standard & Poor's said it assigned its A- (sf) rating to Delta Air Lines Inc.'s series 2012-1 class A pass-through certificates with an expected maturity of May 7, 2020 and assigned its BB (sf) rating to the series 2012-1 class B pass-through certificates with an expected maturity of May 7, 2019.
The agency said the ratings are based on the credit quality of Delta, conservative collateral coverage by planes that S&P believes Delta would seek to keep in any future bankruptcy reorganization and legal and structural protections available to the pass-through certificates.
According to S&P, the company will use the proceeds to refinance existing aircraft.
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