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Moody's reviews United Airlines for trim
Moody's Investors Service said it placed its debt ratings of United Airlines Holdings, Inc. and its subsidiaries, including the Ba2 corporate family rating, on review for downgrade and downgraded the speculative grade liquidity rating to SGL-2 from SGL-1.
The agency cited the rapid and widening spread of the coronavirus outbreak, the deteriorating global economic outlook, falling oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented.
The passenger airline sector has been one of the sectors most significantly affected by the shock given its exposure to travel restrictions and sensitivity to consumer demand and sentiment. More specifically, United is vulnerable to shifts in market sentiment in these unprecedented operating conditions, and the company remains vulnerable to the outbreak continuing to spread.
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