Fitch rates Delta Air notes, loan BBB

Fitch Ratings said it assigned an expected BBB rating to the about $6.5 billion in financing to be co-issued by SkyMiles IP Ltd. and Delta Air Lines. Sky Miles is a special-purpose vehicle and an indirect 100%-owned subsidiary of Delta.

The proceeds will be lent to Delta through an intercompany loan for general corporate purposes.

The term loan and notes, referred to as the financing or debt facilities rank equally and supported by the same collateral and security package. The financing will be guaranteed by certain Delta subsidiaries.

Fitch assigned the co-issuer and debt facilities an expected BBB with a stable outlook.

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