S&P upgrades United Airlines

S&P said it raised two of United Airlines Holdings Inc.’s enhanced equipment trust certificates and its secured revolver and notes.

The agency did not identify which EETCs it upgraded or the improved ratings on the revolver and notes in the press release. Concurrently, S&P affirmed United’s at BB-.

“We expect United to generate stronger credit measures that we view as firmly in line with our rating. We assume the company will generate modest growth in operating earnings and cash flow this year and reduce leverage. United's FFO-to-debt ratio is estimated at just over 25% in 2024–an improvement from 21.7% in 2023. We also expect the company's adjusted debt to EBITDA to be about 3x (from 3.3x in 2023),” the agency said in a press release.

The outlook is stable.

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