S&P downgrades Southwest Airlines

Standard & Poor's said it lowered its long-term ratings on Southwest Airlines Co., including the corporate credit rating, to BBB from BBB+.

The outlook is negative.

S&P said it is basing the ratings downgrade on the company's weaker financial profile due to reduced earnings and cash flow since mid-2008. Southwest posted a pretax loss of $57 million in the first half of 2009, compared with a $566 million profit in the previous-year period. Its operating profit declined to $73 million from $293 million.

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