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Northwest Airlines' debt downgraded
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Northwest Airlines' debt downgraded
Standard & Poor's downgraded the debt of Northwest Airlines and other large airlines Friday, saying high fuel prices are likely to cause heavy losses this year. S&P airline analyst Philip Baggaley said that in general, carriers face "perhaps a bit greater risk of liquidation," although he quickly added, "We think the airlines we've reviewed here are large and viable airlines." He lowered Northwest's long-term corporate credit rating one notch further into junk, to "B" from "B+," with a negative outlook. He also lowered ratings on American Airlines and United Airlines and their parent companies, AMR Corp. and UAL Corp.
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