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S&P rates Delta pass-through certs A-, BBB-, B
Standard & Poor's said it assigned preliminary ratings to Delta Air Lines Inc.'s (B/stable) $924.4 million series 2007-1 class A pass-through certificates at A-, $265.4 million class B certificates at BBB- and $220.1 million class C certificates at B.
The expected maturity is Aug. 10, 2022 for the class A and class B certificates and is Aug. 10, 2014 for the class C certificates.
Proceeds will be used to refinance 11 aircraft.
The preliminary ratings are based on Delta's credit quality, substantial collateral coverage by aircraft that are important to the airline's operations and on legal and structural protections available to the pass-through certificates, according to S&P.
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