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S&P affirms JetBlue credit rating
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NEW YORK - Standard & Poor's Ratings Services affirmed its credit rating on JetBlue Airways Corp. on Monday, and revised its outlook to stable, from negative.
S&P based the revision on improved profitability and JetBlue's improving liquidity, with $951 million in cash. That works out to about 29 percent of the last 12 months' revenues, which S&P said is better than average for U.S. airlines.
S&P analyst Philip Baggaley said factors in a potential increase in JetBlue's ratings would include cash staying above $800 million. If losses drain cash consistently below $500 million, JetBlue's rating could be reduced, he said.
JetBlue shares fell 1 cent to $4.95 in afternoon trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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