Moody's: National Air notes B3

Moody's Investors Service said it assigned corporate family and probability of default ratings of Caa2 to National Air Cargo Holdings, Inc. and B3 to $68 million of senior secured notes due 2015.

The outlook is stable.

Moody's said the near-term maturity of the company's other debt facility constrains the corporate family rating at Caa2. That facility is secured by the company's four Boeing B757-200 aircraft.

Moody's said it understands that the company is in the market seeking to arrange a new multi-year credit facility in advance of this facility's Jan. 31 maturity date. The company is also in discussions to arrange an extension of this facility in the event any new facility is not closed by the existing maturity date.

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