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Moody's ups Continental Airlines liquidity
Moody's Investors Service said it upgraded the speculative grade liquidity rating of Continental Airlines, Inc. to SGL-2 from SGL-3.
Moody's also affirmed Continental's long-term debt ratings and corporate family rating at B3.
The outlook is stable.
The upgrade of the liquidity rating reflects a combination of strong unrestricted cash and short-term investment balances, about $2 billion at March 31, better-than-expected operating cash flow and the expectation that the company's improved cash flow generation should maintain its balance sheet liquidity while covering a meaningful portion of expected cash demands, the agency said.
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