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Moody’s cuts Hawaiian Airlines certificates
Moody's Investors Service said it downgraded its ratings assigned to Hawaiian Airlines, Inc.’s pass through certificates, series 2013-1, class A to Baa1 from A3, and class B to Ba2 from Ba1.
The Ba3 corporate family rating and stable outlook assigned to Hawaiian Airlines' parent, Hawaiian Holdings, Inc. are unaffected.
The agency said the ratings reflect the weakening trend in the market values of Airbus A330-200s that have meaningfully trailed Moody's projections, leading to higher loan-to-value of the two classes versus Moody's expectations.
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