S&P rates Global Aviation B, notes BB-

Standard & Poor's said it assigned its B corporate credit rating to Global Aviation Holdings Inc.

At the same time, the agency said it assigned its BB- issue rating and 1 recovery rating to the company's proposed $165 million of senior secured notes due 2013, indicating expectations of a very high recovery in the event of payment default.

The ratings on Global Aviation reflect the weak credit protection measures due to high lease-adjusted debt, modest positions in the currently depressed commercial cargo and passenger air charter market, and limited financial flexibility, the agency added.

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