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Moody’s stabilizes United Air outlook
Moody’s Investors Service said it revised its outlook for United Airlines Holdings, Inc. and United Airlines, Inc. to stable from negative and lowered the ratings on of the class A and class B of the company's series 2016-2 enhanced equipment trust certificates to Baa3 from Baa2 and to Ba2 from Ba1, respectively.
Concurrently, Moody’s affirmed their other ratings, including Ba2 corporate family rating, the Ba1 senior secured and the Ba3 senior unsecured ratings.
“The downgrades of the series 2016-2 class A and class B EETCs reflect increases in Moody's estimates of the peak loan-to-value of each tranche to above 100%,” the agency said in a statement.
The affirmation of the CFR and stable outlook reflect the view that United's credit metrics will strengthen through 2023 and stay about steady in 2024, notwithstanding the about $18 billion of capital investment the company has planned for this year and next, Moody’s said.
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