Entity - Ultimate Parent

Delta Air Lines, Inc.

Corporate Finance / Industrials and Transportation/Global / North America/United States

EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

ESG Relevance


1			2			3			4			5

01Ratings

Rating	Action	Date	Type
BBB-	Upgrade	16-Jul-2024	Long Term Issuer Default Rating

Ratings Key	Outlook	Watch
Positive
Negative
Evolving
Stable

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in Fitch Red

Rating History

Long Term Issuer Default Rating

Date :

16-Jul-2024

01-May-2024

25-Jan-2024

29-Aug-2023

07-Mar-2023

08-Sep-2022

17-Mar-2022

02-Apr-2021

10-Apr-2020

19-Mar-2020

29-Apr-2019

30-Oct-2018

04-May-2018

16-Oct-2017

11-May-2017

28-Sep-2016

19-May-2016

21-Apr-2016

14-Sep-2015

23-Apr-2015

24-Oct-2014

03-Mar-2014

18-Jun-2013

19-Jun-2012

21-Jun-2011

29-Jun-2010

25-Jun-2009

31-Oct-2008

15-Apr-2008

13-Jul-2007

13-Dec-2005

14-Sep-2005

09-Aug-2005

16-Sep-2004

05-Aug-2004

06-Apr-2004

21-Nov-2003

18-Mar-2003

Rating :

BBB-

BB+

BBB-

BB+

BB-

B+

B-

CCC+

B+

Action :

Upgrade

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Downgrade

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Upgrade

Review - No Action

Upgrade

Affirmed

Upgrade

Affirmed

Upgrade

Affirmed

Revision Outlook

Downgrade

Affirmed

Revision Outlook

New Rating

Withdrawn

Downgrade

Revision IDR

Downgrade

New Rating

02Rating Actions

Rating Action Commentary / Thu 18 Jul, 2024

Correction: Fitch Upgrades Delta Air Lines to 'BBB-'; Outlook Stable

Rating Action Commentary / Thu 25 Jan, 2024

Fitch Revises Delta Air Lines Outlook to Positive; Affirms IDR at 'BB+'

Rating Action Commentary / Tue 07 Mar, 2023

Fitch Affirms Delta Air Lines at 'BB+'; Revises Outlook to Stable

Rating Action Commentary / Thu 17 Mar, 2022

Fitch Affirms Delta at 'BB+'; Outlook Negative

Rating Action Commentary / Fri 02 Apr, 2021

Fitch Affirms Delta at 'BB+'; Outlook Negative

Rating Action Commentary / Tue 25 Aug, 2020

Fitch Rates Delta Guaranteed Revenue Bonds 'BB+'/'RR4'

Rating Action Commentary / Wed 10 Jun, 2020

Fitch Rates Delta's Proposed Unsecured Bonds 'BB+'

Rating Action Commentary / Thu 23 Apr, 2020

Fitch Rates Delta's Senior Secured Issuance 'BBB-'

Rating Action Commentary / Fri 10 Apr, 2020

Fitch Takes Rating Actions on North American Airlines

Rating Action Commentary / Thu 19 Mar, 2020

Fitch Revises Delta's Outlook to Negative; Ratings Affirmed at 'BBB-'

Rating Action Commentary / Mon 21 Oct, 2019

Fitch Rates Delta's Unsecured Notes 'BBB-'

Rating Action Commentary / Mon 29 Apr, 2019

Fitch Affirms Delta at 'BBB-': Rating Outlook Stable

Rating Action Commentary / Fri 04 May, 2018

Fitch Affirms Delta at 'BBB-'; Rating Outlook Stable

Rating Action Commentary / Thu 19 Apr, 2018

Fitch Rates Delta Guaranteed Revenue Bonds 'BBB-'

Rating Action Commentary / Mon 16 Apr, 2018

Fitch Rates Delta's Unsecured Notes 'BBB-'

Rating Action Commentary / Tue 28 Nov, 2017

Fitch Rates Delta's Unsecured Notes 'BBB-'

Rating Action Commentary / Thu 11 May, 2017

Fitch Affirms Delta at 'BBB-'; Outlook Stable

Rating Action Commentary / Thu 09 Mar, 2017

Fitch Rates Delta's Unsecured Notes 'BBB-'

Rating Action Commentary / Thu 19 May, 2016

Fitch Upgrades Delta to 'BBB-'; Outlook Stable

Rating Action Commentary / Mon 14 Sep, 2015

Fitch Upgrades Delta to 'BB+'; Outlook Positive

Rating Action Commentary / Thu 23 Apr, 2015

Fitch Affirms 2 U.S. Transportation and Aerospace & Defense Companies

Rating Action Commentary / Fri 24 Oct, 2014

Fitch Upgrades Delta Air Lines' IDR to 'BB'; Outlook Positive

Rating Action Commentary / Mon 03 Mar, 2014

Fitch Upgrades Delta to 'BB-'; Outlook Positive

Rating Action Commentary / Tue 18 Jun, 2013

Fitch Revises Delta's Outlook to Positive; Affirms IDR at 'B+'

Rating Action Commentary / Tue 18 Sep, 2012

Fitch Rates Proposed Delta Air Lines Seattle Project Bonds 'B+'

Rating Action Commentary / Mon 25 Jun, 2012

Fitch Upgrades DAL 07-1 Class A Certificates to 'BBB+' From 'BBB-' Under New EETC Criteria

Rating Action Commentary / Tue 19 Jun, 2012

Fitch Upgrades Delta Air Lines' IDR to 'B+'; Outlook Stable

Rating Action Commentary / Tue 21 Jun, 2011

Fitch Affirms Delta Air Lines' IDR at 'B-'; Outlook Revised to Positive

Rating Action Commentary / Fri 08 Apr, 2011

Fitch Rates Delta's Secured Bank Credit Facilities 'BB-/RR1'

Rating Action Commentary / Tue 29 Jun, 2010

Fitch Affirms Delta Air Lines at 'B-'; Outlook to Stable

Rating Action Commentary / Wed 18 Nov, 2009

Fitch Takes Various Rating Actions on Delta EETCs

Rating Action Commentary / Thu 24 Sep, 2009

Fitch: U.S. Airline Industry Remains Fragile Despite Early Indications of Stabilization

Rating Action Commentary / Thu 25 Jun, 2009

Fitch Downgrades Delta Air Lines to 'B-' on Intense Revenue Pressure; Outlook Negative

Rating Action Commentary / Fri 31 Oct, 2008

Fitch Affirms Delta's IDR at 'B' After Close of Northwest Merger

Rating Action Commentary / Tue 15 Apr, 2008

Fitch Affirms Delta Following Northwest Merger Announcement; Outlook to Negative

Rating Action Commentary / Fri 13 Jul, 2007

Fitch Initiates Delta's IDR at 'B'; Outlook Stable

Rating Action Commentary / Wed 15 Nov, 2006

Fitch Revises US Airways Outlook to Stable; Affirms Ratings

Rating Action Commentary / Tue 13 Dec, 2005

Fitch Withdraws Delta Air Lines' Ratings

Rating Action Commentary / Thu 15 Sep, 2005

Fitch Places Delta U.S. Hub Airports on Negative Outlook; Sectorwide Impact Seen to be Minimal

Rating Action Commentary / Wed 14 Sep, 2005

Fitch Downgrades Delta Air Lines to 'D'; Unsecured Recovery Rating 'R6'

Rating Action Commentary / Thu 16 Sep, 2004

Fitch Ratings Lowers Delta to 'C' Following Exchange Offer

Rating Action Commentary / Thu 05 Aug, 2004

Fitch Lowers Delta Air Lines' Senior Unsecured Debt to 'CC'

Rating Action Commentary / Tue 06 Apr, 2004

Fitch Lowers Delta Air Lines' Senior Unsecured Debt to 'CCC+'

Rating Action Commentary / Fri 21 Nov, 2003

Fitch Downgrades Delta Air Lines' Senior Unsecured Debt to 'B'

Rating Action Commentary / Thu 05 Jun, 2003

Fitch Rates Delta Air Lines' Convertible Senior Notes 'B+'

Rating Action Commentary / Tue 18 Mar, 2003

Fitch Assigns Initial Rating of 'B+' to Delta Air Lines, Inc. Unsec Debt

03Insights

Rating Report / Thu 05 Sep, 2024

Delta Air Lines, Inc.

Non-Rating Action Commentary / Tue 03 Sep, 2024

Number of Corporate Crossovers Marks an Inflection Point in 3Q24

Rating Report / Wed 07 Feb, 2024

Delta Air Lines, Inc.

Non-Rating Action Commentary / Thu 07 Dec, 2023

Neutral Outlook for Global Airline Sector

Outlook Report / Thu 07 Dec, 2023

Global Transportation Airlines Outlook 2024

Special Report / Thu 02 Nov, 2023

North American Airlines — Relative Credit Analysis (2023 Sector Credit Outlook: Neutral)

Rating Report / Mon 05 Jun, 2023

Delta Air Lines

Fitch Wire / Fri 12 Aug, 2022

Airline Fundamentals Improving but Risk to Recovery is Rising

Fitch Wire / Thu 05 May, 2022

Stagflation Would Raise Liquidity, Refi Risk for Some US Industrials

Special Report / Thu 05 May, 2022

Stagflation Would Raise Liquidity and Refinancing Risks for Airlines and Auto Suppliers (Airlines, Auto Suppliers Are More Exposed Than Auto Manufacturers)

Fitch Wire / Fri 25 Feb, 2022

Oil-Price Shock Is A Material Risk for US, European Airlines

Fitch Wire / Tue 30 Nov, 2021

Global Air Traffic Recovery Will Continue in 2022, but Risk Remains

Special Report / Tue 30 Nov, 2021

Global Air Traffic Will Accelerate in 2022, but Remain Below Pre-Pandemic Levels (A Full Recovery Is Still Expected for 2024, but the Trajectory Will Vary By Region)

Rating Report / Wed 02 Jun, 2021

Delta Air Lines

Fitch Wire / Mon 12 Oct, 2020

Outbreaks, Travel Limits to Delay Global Air Traffic Recovery

Special Report / Fri 14 Aug, 2020

EMEA Airlines: Slow Recovery Expected

Special Report / Thu 23 Apr, 2020

U.S. Corporates Tap Revolvers As Coronavirus Raises Focus on Liquidity (Revolver Use Alone Not a Credit Negative, but Extra Debt Ups Pandemic’s Effect on Leverage)

Fitch Wire / Thu 23 Apr, 2020

Higher US Corporate Revolver Use Is Not Always a Credit Negative

Fitch Wire / Thu 12 Mar, 2020

Coronavirus Is Likely to Pressure Global Airline Credit Quality

Special Report / Thu 12 Mar, 2020

Coronavirus Is Putting Downward Pressure on the Global Airline Sector's Credit Profile (Some Airlines Could Face Rating Pressure As Coronavirus Spreads)

Fitch Wire / Thu 30 Jan, 2020

Airlines Face Growing Pressure From The Coronavirus

Fitch Wire / Tue 01 Oct, 2019

Delta's LATAM Investment Reshapes Airline Competition in Region

Fitch Wire / Tue 09 Jul, 2019

British Airways Fine Highlights Global Airline Cyber Risk

Fitch Wire / Mon 28 Jan, 2019

Gov't Closure May Still Test 1Q19 but Risk to US Corp Is Low

Special Report / Tue 15 Jan, 2019

North American Airlines Peer Comparison

Navigator Report / Mon 07 Jan, 2019

Delta Air Lines - Ratings Navigator

Non-Rating Action Commentary / Thu 06 Dec, 2018

Stable Outlook for Global Airlines but Regional Risks Are Rising

Outlook Report / Thu 06 Dec, 2018

Fitch Ratings 2019 Outlook: Global Airlines

Fitch Wire / Tue 16 Oct, 2018

Demand Mitigates Fuel Price, Margin Risk for NA Airlines

Rating Report / Tue 24 Jul, 2018

Delta Air Lines, Inc.

Fitch Wire / Mon 26 Jun, 2017

Qatar Airways Strategy Shows Trend to Closer Airline Ties

Navigator Report / Mon 15 May, 2017

Delta Air Lines - Ratings Navigator

Navigator Report / Tue 20 Dec, 2016

Delta Air Lines - Ratings Navigator

Non-Rating Action Commentary / Tue 20 Sep, 2016

Fitch Publishes Rating Aircraft EETCs Presentation Slides

Special Report / Tue 20 Sep, 2016

Rating Aircraft Enhanced Equipment Trust Certificates (Deutsche Bank 6th Annual Aircraft Finance & Leasing Conference)

Special Report / Fri 02 Sep, 2016

Aircraft Collateral in Downturns (Passenger Aircraft as Collateral in Secured Debt Transactions)

Fitch Wire / Mon 08 Aug, 2016

Delta, Southwest Computer Outages Highlight IT Importance

Non-Rating Action Commentary / Wed 03 Aug, 2016

Fitch Publishes Initial Global Aircraft Enhanced Equipment Trust Certificate Comp Book

Special Report / Wed 03 Aug, 2016

Global Aircraft Enhanced Equipment Trust Certificate Comp Book

Special Report / Wed 07 Oct, 2015

Delta Air Lines - Corporate Forecasts

Navigator Report / Wed 07 Oct, 2015

Delta Air Lines - Ratings Navigator

Special Report / Mon 20 Jul, 2015

Fitch 50 (Capital Structure Diagrams & Debt Document Summaries for Fifty of the Largest U.S. Leveraged Credits)

Non-Rating Action Commentary / Wed 15 Jul, 2015

Fitch Publishes Capital Structure & Covenant Analysis for 50 Largest U.S. Leveraged Issuers

Navigator Report / Fri 13 Mar, 2015

Delta Air Lines - Ratings Navigator

Special Report / Mon 09 Mar, 2015

Airlines: Ratings Navigator Reference File

Non-Rating Action Commentary / Tue 08 Jul, 2014

Fitch Publishes Capital Structure and Covenant Analysis for 50 Largest U.S. Leveraged Issuers

Special Report / Tue 08 Jul, 2014

Fitch 50 (Structural Profiles of 50 Leveraged U.S. Credits)

Fitch Wire / Wed 07 May, 2014

Positive Cash Flow Enables Delta Buybacks/Dividends

Non-Rating Action Commentary / Thu 11 Jul, 2013

Fitch Publishes Capital Structure and Covenant Analysis for 50 of Largest U.S. Leveraged Issuers

Special Report / Thu 11 Jul, 2013

Fitch 50 -- Structural Profiles of 50 Leveraged U.S. Credits

04Sector Outlooks

Outlook Report / Mon 17 Jun, 2024

North American Transportation Infrastructure Mid-Year Outlook 2024

Outlook Report / Fri 08 Dec, 2023

Global Aerospace & Defense Outlook 2024

Outlook Report / Thu 07 Dec, 2023

Global Transportation Airlines Outlook 2024

Outlook Report / Wed 06 Dec, 2023

Global Auto Manufacturers and Suppliers Outlook 2024

Outlook Report / Tue 05 Dec, 2023

North American Transportation Infrastructure Outlook 2024

Outlook Report / Fri 01 Dec, 2023

U.S. Diversified Industrials and Capital Goods Outlook 2024

Outlook Report / Mon 20 Nov, 2023

U.S. Environmental Services Outlook 2024

Outlook Report / Tue 27 Jun, 2023

Global Corporates Mid-Year Outlook 2023

Outlook Report / Thu 08 Dec, 2022

Global Transportation - Airlines Outlook 2023

Outlook Report / Thu 08 Dec, 2022

U.S. Environmental Services Outlook 2023

Outlook Report / Thu 01 Dec, 2022

North American Transportation Infrastructure Outlook 2023

Outlook Report / Thu 01 Dec, 2022

U.S. Diversified Industrials and Capital Goods Outlook 2023

Outlook Report / Fri 17 Dec, 2021

Fitch Ratings 2022 Outlook: U.S. Public Finance

Outlook Report / Fri 10 Dec, 2021

Fitch Ratings 2022 Outlook: Global Airlines

Outlook Report / Tue 30 Nov, 2021

Fitch Ratings 2022 Outlook: U.S. Diversified Industrials and Capital Goods

Outlook Report / Tue 30 Nov, 2021

Fitch Ratings 2022 Outlook: North American Energy Infrastructure

Outlook Report / Fri 15 Jan, 2021

Fitch Ratings 2021 Outlook: U.S. Investment-Grade Corporates

Outlook Report / Wed 06 Jan, 2021

Fitch Ratings 2021 Outlook Compendium: U.S. Public Finance

Outlook Report / Wed 09 Dec, 2020

Fitch Ratings 2021 Outlook: Global Airlines

Outlook Report / Mon 23 Nov, 2020

Fitch Ratings 2021 Outlook: U.S. Diversified Industrials and Capital Goods

Outlook Report / Thu 30 Jan, 2020

Fitch Ratings 2020 Outlook: U.S. Investment-Grade Corporates (Stability Amid Slower Global Growth)

Outlook Report / Fri 03 Jan, 2020

Fitch Ratings 2020 Outlook: U.S. Public Finance (Outlook Compendium Report)

Outlook Report / Mon 09 Dec, 2019

Fitch Ratings 2020 Outlook: Global Airlines (Stable Profile Despite Pockets of Turmoil)

Outlook Report / Fri 06 Dec, 2019

Fitch Ratings 2020 Outlook: U.S. Diversified Industrials and Capital Goods (Slowing Markets, Trade and Other Risks Remain)

Outlook Report / Mon 28 Jan, 2019

Fitch Ratings 2019 Outlook: U.S. Corporates (Near-Term Stability amid Global Uncertainty)

Outlook Report / Thu 06 Dec, 2018

Fitch Ratings 2019 Outlook: Global Airlines

Outlook Report / Wed 05 Dec, 2018

Fitch Ratings 2019 Outlook: U.S. Transportation Infrastructure (Growth Continues but Risks for Softening Emerging)

Outlook Report / Tue 04 Dec, 2018

Fitch Ratings 2019 Outlook: Global Shipping

Outlook Report / Mon 03 Dec, 2018

Fitch Ratings 2019 Outlook: U.S. Diversified Industrials and Capital Goods (Peak Cycle)

Outlook Report / Tue 10 Jul, 2018

Fitch 2018 Midyear Outlook: North American Energy Infrastructure (Stable Ratings Continue)

Outlook Report / Mon 08 Jan, 2018

Fitch 2018 Outlook: Global Corporate Overview

Outlook Report / Thu 21 Dec, 2017

Fitch 2018 Outlook: U.S. Corporates (Synchronized Global Growth Supports Fundamental Stability)

Outlook Report / Tue 05 Dec, 2017

Fitch 2018 Outlook: Global Shipping

Outlook Report / Thu 30 Nov, 2017

Fitch 2018 Outlook: U.S. Diversified Industrials and Capital Goods (Downturn Gives Way to Recovery)

Outlook Report / Mon 27 Nov, 2017

Fitch 2018 Outlook: North American Airlines

Outlook Report / Wed 19 Jul, 2017

2017 Midyear Outlook: Energy Infrastructure North America (Stable Ratings amid Potential Volatility)

Outlook Report / Mon 12 Dec, 2016

2017 Outlook: U.S. Corporates (Fundamental Stability amid Growth Challenges)

Outlook Report / Tue 06 Dec, 2016

2017 Outlook: Diversified Industrials and Capital Goods

Outlook Report / Thu 01 Dec, 2016

2017 Outlook: North American Airlines (Credit Profiles Leveling Off)

Outlook Report / Thu 10 Dec, 2015

2016 Outlook: Global Aerospace and Defense (Defense Upturn Could Join Commercial Strength)

Outlook Report / Thu 10 Dec, 2015

2016 Outlook: Diversified Industrials & Capital Goods (Deteriorating Business Cycle)

Outlook Report / Tue 08 Dec, 2015

2016 Outlook: North American Airlines

Outlook Report / Tue 23 Jun, 2015

2015 Midyear Outlook: Latin America Infrastructure (Steady Performance in a Slower Growing Region)

Outlook Report / Tue 20 Jan, 2015

2015 Outlook: U.S. Corporates (Solid U.S. Economic Growth Supports Stable Outlooks)

Outlook Report / Wed 17 Dec, 2014

2015 Outlook: Global Aerospace and Defense (Traffic and Order Backlogs Trump Fuel)

Outlook Report / Tue 16 Dec, 2014

2015 Outlook: North American Airlines (Airline Sector Continues Its Ascent)

Outlook Report / Mon 15 Dec, 2014

2015 Outlook: Diversified Manufacturing & Capital Goods (Prepared for Continued Slow Growth)

Outlook Report / Tue 04 Feb, 2014

2014 Outlook: U.S. Corporates (Stable Outlook with Improving Trends)

Outlook Report / Mon 16 Dec, 2013

2014 Outlook: U.S. Capital Goods Manufacturers (Challenging Environment in 2014)

Outlook Report / Mon 16 Dec, 2013

2014 Outlook: U.S. Diversified Industrials (Mixed End Markets Support Slow Growth)

05Securities and Obligations

Issuer: Delta Air Lines, Inc.
Debt Level: senior unsecured
Issue: USD 500 mln 4.375% bond/note 19-apr-2028

16-Jul-2024
BBB-
Upgrade
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Industrials and Transportation
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; bond/note
CUSIP: 247361ZN1 (Public)
ISIN: US247361ZN12 (Public)

Maturity Date: 19-Apr-2028
Currency: USD
Amount: 500,000,000
Coupon Rate: 4.375%
Placement: Public

Issuer: Delta Air Lines, Inc.
Debt Level: senior unsecured
Issue: USD 73.81 mln 5% Industrial Revenue Bond 01-jan-2026

16-Jul-2024
BBB
Upgrade
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Industrials and Transportation
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; Industrial Revenue Bond
CUSIP: 650116CE4 (Public)
ISIN: US650116CE47 (Public)

Maturity Date: 01-Jan-2026
Currency: USD
Amount: 73,810,000
Coupon Rate: 5%
Placement: Public

Issuer: Delta Air Lines, Inc.
Debt Level: senior unsecured
Issue: USD 95.36 mln 5% Industrial Revenue Bond 01-jan-2030

16-Jul-2024
BBB
Upgrade
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Industrials and Transportation
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; Industrial Revenue Bond
CUSIP: 650116CJ3 (Public)
ISIN: US650116CJ34 (Public)

Maturity Date: 01-Jan-2030
Currency: USD
Amount: 95,365,000
Coupon Rate: 5%
Placement: Public

Issuer: Delta Air Lines, Inc.
Debt Level: senior unsecured
Issue: USD 114.68 mln 5% Industrial Revenue Bond 01-jan-2033

16-Jul-2024
BBB
Upgrade
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Industrials and Transportation
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; Industrial Revenue Bond
CUSIP: 650116CM6 (Public)
ISIN: US650116CM62 (Public)

Maturity Date: 01-Jan-2033
Currency: USD
Amount: 114,680,000
Coupon Rate: 5%
Placement: Public

Issuer: Delta Air Lines, Inc.
Debt Level: senior unsecured
Issue: USD 140.84 mln 5% Industrial Revenue Bond 01-jan-2036

16-Jul-2024
BBB
Upgrade
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Industrials and Transportation
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; Industrial Revenue Bond
CUSIP: 650116CP9 (Public)
ISIN: US650116CP93 (Public)

Maturity Date: 01-Jan-2036
Currency: USD
Amount: 140,845,000
Coupon Rate: 5%
Placement: Public

Issuer: Delta Air Lines, Inc.
Debt Level: senior unsecured
Issue: USD 66.03 mln Industrial Revenue Bond Industrial Dev Corp Port of Seattle 01-Apr-2030

16-Jul-2024
BBB-
Upgrade
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Industrials and Transportation
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; Industrial Revenue Bond
CUSIP: 735385AC0 (Public)

Maturity Date: 01-Apr-2030
Currency: USD
Amount: 66,025,000
Coupon Rate: 5%
Placement: Public

Issuer: Delta Air Lines, Inc.
Debt Level: senior unsecured
Issue: USD 101.48 mln 5% Industrial Revenue Bond 01-jan-2031

16-Jul-2024
BBB
Upgrade
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Industrials and Transportation
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; Industrial Revenue Bond
CUSIP: 650116CK0 (Public)
ISIN: US650116CK07 (Public)

Maturity Date: 01-Jan-2031
Currency: USD
Amount: 101,480,000
Coupon Rate: 5%
Placement: Public

Issuer: Delta Air Lines, Inc.
Debt Level: senior unsecured
Issue: USD 64.58 mln 5% Industrial Revenue Bond 01-jan-2024

01-Jan-2024
NR
Matured
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Industrials and Transportation
Disclosures: EU Endorsed, UK Endorsed;

senior unsecured; Industrial Revenue Bond
CUSIP: 650116CC8 (Public)
ISIN: US650116CC80 (Public)

Maturity Date: 01-Jan-2024
Currency: USD
Amount: 64,580,000
Coupon Rate: 5%
Placement: Public

Issuer: Delta Air Lines, Inc.
Debt Level: senior unsecured
Issue: USD 69.08 mln 5% Industrial Revenue Bond 01-jan-2025

16-Jul-2024
BBB
Upgrade
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Industrials and Transportation
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; Industrial Revenue Bond
CUSIP: 650116CD6 (Public)
ISIN: US650116CD63 (Public)

Maturity Date: 01-Jan-2025
Currency: USD
Amount: 69,075,000
Coupon Rate: 5%
Placement: Public

Issuer: Delta Air Lines, Inc.
Debt Level: senior unsecured
Issue: USD 84.03 mln 5% Industrial Revenue Bond 01-jan-2028

16-Jul-2024
BBB
Upgrade
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Industrials and Transportation
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; Industrial Revenue Bond
CUSIP: 650116CG9 (Public)
ISIN: US650116CG94 (Public)

Maturity Date: 01-Jan-2028
Currency: USD
Amount: 84,035,000
Coupon Rate: 5%
Placement: Public

Page

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06Fitch Adjusted Financials

	NOTES AND FORMULAS	REPORTED VALUES	SUM OF ADJUSTMENTS	CASH ADJUSTMENT	HYBRID ADJUSTMENT	CORP - LEASE TREATMENT	OTHER ADJUSTMENTS	ADJUSTED VALUES
Income Statement Summary
Revenue	80361461	Data 3	Data 4	Data 5	Data 6	Data 7	Data 8	Data 9
EBITDAR	80361461	Data 3	Data 4	Data 5	Data 6	Data 7	Data 8	Data 9
EBITDAR After Associates and Minorities	80361461	Data 3	Data 4	Data 5	Data 6	Data 7	Data 8	Data 9
Leases Expense	80361461	Data 3	Data 4	Data 5	Data 6	Data 7	Data 8	Data 9
EBITDA	80361461	Data 3	Data 4	Data 5	Data 6	Data 7	Data 8	Data 9
EBITDA After Associates and Minorities	80361461	Data 3	Data 4	Data 5	Data 6	Data 7	Data 8	Data 9
EBIT	80361461	Data 3	Data 4	Data 5	Data 6	Data 7	Data 8	Data 9

Get Access

07Disclosures

Original Rating Date
Long Term Issuer Default Rating	18-Mar-2003

Endorsement Status
EU Endorsed, UK Endorsed

Country of Fitch Office
UNITED STATES

Solicitation Status
Long Term Issuer Default Rating	Solicited - Sell Side

Country of Analyst
UNITED STATES

08Identifiers

Type:	CIK Code	CUSIP	CUSIP	CUSIP	Dow Jones Ticker	ICB	LEI
Identifier:	0000027904	247361	650116	735385	DAL	5751	Q2CCMS6R0AS67HJMBN42

09Criteria

21Jun
2024

Active Criteria

10Analysts

Joseph Rohlena, CFA
Primary Rating Analyst

Jeffrey Lo
Secondary Rating Analyst

Credit-Relevant ESG Scale

How relevant are E, S and G issues to the overall credit rating?

5		Highly relevant, a key rating driver that has a significant impact on the rating on an individual basis. Equivalent to "higher" relative importance within Navigator.
4		Relevant to rating, not a key rating driver but has an impact on the rating in combination with other factors. Equivalent to "moderate" relative importance within Navigator
3		Minimally relevant to rating, either very low impact or actively managed in a way that results in no impact on the entity rating. Equivalent to "lower" relative importance within Navigator.
2		Irrelevant to the entity rating but relevant to the sector.
1		Irrelevant to the entity rating and irrelevant to the sector

* ESG Relevance is applicable for international scale ratings only

Ratings Key	Outlook	Watch
Positive
Negative
Evolving
Stable

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in Fitch Red

Contents

Entity

Resources

Trending Topics

01Ratings

Rating History

02Rating Actions

03Insights

04Sector Outlooks