Delta Air Lines, Inc. http://www.alacrastore.com/company-snapshot/Delta_Air_Lines_Inc-1004842 Friday, September 05, 2008 11:03:07 AM 1004842 Delta Air Lines, Inc. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/cs/73723cs/73723norm Delta Air Lines #Q## Tearsheet The DAL/NWA merger is a long-term positive, creating the world's largest airline. Among domestic airlines, it will rank ## domestic, regional, Atlantic, and Pacific, and ## LatAm.The pilot agreement on...73723545YesC21Tearsheet93tearsheets/premium349/3/2008 2:04:41 PM15073723Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73712cs/73712norm Oil Meltdown Ignites Airlines Another big equity rally on oil price declines. Expect sequential deterioration in #Q## financials. $### million of industry out-of-period hedge gains put in #Q## operating income will likely be reversed....737121022YesD0Article114510971594107106971142142593corphy3433Capital Structure42High Yield21Sector Outlooks9/3/2008 12:05:00 AM150The oil price decline takes significant future risk out of the airline industry, but at the cost of near-term profitabiliy and cash balances.73712Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73516cs/73516norm Airlines July #### Traffic Review - PRASM Deceleration Returns to Trend Atlantic sector PRASM growth bounced back. LatAm continues to outperform. Fares up across all sectors but Y-o-Y lower load factors retard unit revenue growth....73516617YesC0Article114510971594107142511429310697corphy3442High Yield9/2/2008 11:05:17 AM150The big news is a sharp deline emerging in low-cost carrier growth.73516Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/CMT_0000452110moodys/CMT_0000452110htmlGlobal Credit Research Issuer Comment ## AUG #### Issuer Comment: Delta Air Lines, Inc. Moody's comments on Delta's drawing of bank lines The debt ratings of Delta Air Lines, Inc. ("Delta") remain under review for possible downgrade,...8/29/2008 4:37:56 AMhtmlDelta Air Lines, Inc.Delta Air Lines, Inc.815082757150.0000NewsIssuer CommentCMT_0000452110Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/667394spcred/667394normThe latest News from S&Pglobalstructured8/26/2008 3:24:51 PM100News667394United StatesAirlinesUnited StatesGlobal IssuersStructured FinanceFinancial InstitutionsCorporationsAsset-Backed SecuritiesTransportationNewsNEW YORK (Standard&Poor's) Aug. 26, 2008--Standard&Poor's Ratings Services said today it affirmed its ratings on Delta Air Lines Inc. (B/Negative/--), including the 'B' long-term corporate credit rating. We have removed all ratings from CreditWatch, where they were placed with negative implications on May 22, 2008, as part of an industrywide review. The rating outlook is negative. "We expect that Delta will post a significant loss this year, approaching $500 million—before large noncash charges—due to high and volatile fuel prices," said Standard&Poor's credit analyst Philip Baggaley, "but its financial performance should continue to be better than those of most peer large U.S. airlines." That, plus expected positive operating cash flow and adequate liquidity, support anUSA24736124736Q24736A24736B24736720302010 203020 2030 20Delta Air Lines Inc.100654USADALNEWSGLOBISSSTRUCFICORPABSTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/667395spcred/667395normThe latest Research Update from S&Pglobalstructured8/26/2008 3:24:51 PM175Research Update667395United StatesAirlinesUnited StatesGlobal IssuersStructured FinanceFinancial InstitutionsCorporationsAsset-Backed SecuritiesTransportationResearch UpdateOn Aug. 26, 2008, Standard&Poor's Ratings Services affirmed its ratings on Delta Air Lines Inc., including the 'B' long-term corporate credit rating. We have removed all ratings from CreditWatch, where they were placed with negative implications on May 22, 2008, as part of an industrywide review. The rating outlook is negative. We expect that Delta will post a significant loss this year, approaching $500 million (before large noncash charges), due to high and volatile fuel prices, but its financial performance should continue to be better than those of most peer large U.S. airlines. That, plus expected positive operating cash flow and adequate liquidity, support an affirmation of its corporate credit rating. Our rating action is not based onUSA24736124736Q24736A24736B24736720302010 203020 2030 20Delta Air Lines Inc.100654USADALRESUPDGLOBISSSTRUCFICORPABSTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/170806spcred/170806normThe latest News from S&Pglobalstructuredpubfin8/7/2008 2:53:00 AM100News170806United StatesAirlinesUnited StatesGlobal IssuersStructured FinancePublic FinanceCollateralized Debt ObligationsCorporationsFinancial InstitutionsInternational Public FinanceAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSResidential MBSTransportationNewsNEW YORK (Standard&Poor's CreditWire) Nov. 3, 2000--Standard&Poor's today assigned preliminary ratings to Delta Air Lines Inc.'s various classes of pass-through certificates series 2000-1 (see list below). Final ratings will be assigned upon completion of the review of legal documentation. The certificates are secured by equipment notes issued by Delta. The notes, in turn, are secured by 18 Boeing 737-832, 14 Boeing 757-232, and five Boeing 767-332ER passenger jet aircraft delivered between January 1999 and July 2000. The preliminary ratings are based on: -- The corporate credit rating on Delta Air Lines Inc. (BBB-/Stable/--); -- The availability of special protections under Section 1110 of the U.S. Bankruptcy Code to owners of equipment notes (and thus, indirectly, toUSA24736B24736724736124736Q24736A20302010 203020 2030 20Delta Air Lines Inc.100654USADALNEWSDEU95753ED9663795752695753A95753BD9603ZD9663CD9663DD9663ED9663GD96638D9663F40101010 401010 4010 40WestLB AG104371EMERGINGEUROMIDAFRPACLATAMERICAUSAWESTLB@GRGLOBISSSTRUCPUBFINCDOCORPFIGOVSABCPABSCMBSRMBSTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/72484cs/72484norm Airlines: Bulls vs Bears Many airline equities doubled while term debt remains priced in the low ##'s. Industry cash levels are deceivingly high given hedge counterparty collateral deposits and air traffic liability seasonality. Revenue...724841967YesD0Article114593109941077151142142597106corphy3433Capital Structure34Companies with Convertibles55Bankruptcy42High Yield21Sector Outlooks7/30/2008 11:05:00 PM150Looking inside the 2Q08 numbers reveals a much stronger case for the bears.72484Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/71910cs/71910norm Airlines June #### Traffic Review - Atlantic Bubble Bursting? Atlantic PRASM growth ground to a halt-only one data point but in a very important sector. LatAm continues with strong financial growth, driven by both yield and load factor. ...71910657YesC0Article114510971594107142511429310697corphy3442High Yield7/21/2008 12:07:05 AM150Storm clouds over the Atlantic.71910Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/71770cs/71770norm Delta Air Lines #Q## - Nice Quarter, But Still Not Good Enough Operating income was off over $### million, but still positive despite $# billion in gross fuel expense growth. The NWA merger is on track and synergies are looking better....717701667YesD0Article93corphy3442High Yield33Capital Structure7/16/2008 10:06:09 PM150There is euphoria, and there is analysis. The market's reaction to DAL's 2Q08 results was decidedly the former.71770Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/T1770601ccbn/T1770601norm...Good morning, ladies and gentlemen and welcome to the Delta and Northwest conference call. My name is Latasha and I will be your coordinator. At this time, all participants are in a listen-only mode until we conduct the question-and-answer session ... 7/16/2008 4:55:27 PMDelta Air Lines,54.0000Delta Air Lines, Inc Merger & Acquisition AnnouncementDAL9:00AM ETTranscriptT1770601Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/ccbn/B1770601ccbn/B1770601norm...Co. reported that DAL-Northwest combination will join two truly complementary geographically distinct networks to form a truly global airline, which will be an all-stock transaction with a combined enterprise value of approx. $##b.... 7/16/2008 4:55:24 PMDelta Air Lines, Inc.54.0000Delta Air Lines, Inc Merger & Acquisition AnnouncementDAL9:00AM ETBriefB1770601Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/ccbn/B1882435ccbn/B1882435norm...Excluding special items, net income was $###m despite high fuel with $#b in additional fuel costs, vs. $###m in #Q##. ... 7/16/2008 1:05:00 PMDelta Air Lines, Inc54.0000EditedQ2 2008 Delta Air Lines, Inc Earnings Conference Call SummaryDAL10:00am ETBriefB1882435Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/ccbn/T1882435ccbn/T1882435norm...Good morning, Ladies and Gentlemen. And welcome to the Delta Air Lines June #### quarter financial results conference call. My name is Fab and I'll be your coordinator. At this time all participants are in a listen only mode until we conduct a question and answer session following the presentation. (OPERATOR INSTRUCTIONS) I would now like to turn the presentation over to [Shannon Mutschler], General Manager of Investor Relations for Delta Air Lines. Please proceed. ... 7/16/2008 12:05:00 PMDelta Air Lines, Inc54.0000FinalQ2 2008 Delta Air Lines, Inc Earnings Conference Call TranscriptDAL10:00am ETTranscriptT1882435Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/cs/71705cs/71705norm Airline Goodwill: Par or Zero? DAL/NWA write down $## billion of combined goodwill, but retain $# billion; UAUA and LCC write off all goodwill; no other airline has any goodwill on the books. Expect further goodwill writeoffs at DAL/NWA....717051097YesD0Article7151099410710614259397corphy3433Capital Structure42High Yield7/16/2008 11:06:10 AM150Goodwill is unevenly distributed across airline balance sheets, and the writedowns are not over.71705Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/fitch/392972_report_framefitch/392972_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.US Airways Group, Inc.Continental Airlines, Inc.AMR CorporationSouthwest Airlines CompanyJetBlue Airways CorporationUAL CorporationDelta Air Lines, Inc.80091106830679258239189980417179823494958036146180091049803613877/15/2008 2:15:00 PM0103080001030000275Special ReportDALUAUAJBLUCALAMRLUVLCC392972_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/cs/70885cs/70885norm Airlines May #### Traffic Review - Good is not Good Enough Anymore Yields, load factors, PRASM, traffic, and capacity all increased in May on a consolidated basis.  Net domestic and regional capacity continues to decline, but only...70885758YesC0Article1145109715941079314251142143910697corphy3442High Yield6/23/2008 1:04:00 AM150A good month is not good enough anymore.70885Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/T1875669ccbn/T1875669norm... - Merrill Lynch - AnalystIf I could have your attention. Before I kick off with an intro, this was left. All right. Good evening. Tonight, we are pleased to have Ed Bastian, President and Chief Financial Officer of Delta Air Lines as our dinner speaker. Ed started at Delta in #### as Vice President of Finance and Controller and was promoted to Senior Vice President in February ####. In early #### he left Delta to become CFO of Acuity Brands before returning to Delta in July of #### as CFO. Prior to joining Delta Ed worked at PepsiCo where he served as Vice President of Finance for PepsiCo International among other roles. Before joining PepsiCo, Ed was a partner in the New York audit practice of PriceWaterhouse. Over the last several years, Ed has worn several hats at Delta including his role as Delta's Chief Restructuring Officer as the Company worked its way through the bankruptcy process. More recently, Ed and his team have focused on closing a merger transaction with Northwest by... 6/19/2008 6:05:00 AMDelta Air Lines, Inc54.0000FinalDelta Air Lines, Inc at Merrill Lynch Transportation Conference TranscriptDAL6:15pm ETTranscriptT1875669Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/cs/70747cs/70747norm Airlines: #Q## Aircraft Operating Cost Survey - Focus on MD-## Unit fuel expense grew ##% Y-o-Y, lagging the quarter's ##% jump in crude oil. Maintenance costs continue their unit growth. Labor savings bottom out. MD-## unit fuel...707471018YesD0Article130171594114513021071445154214259710911421371143910693corphy3442High Yield6/17/2008 11:06:00 PM150The fuel spike kicked in during 4Q07, and aircraft operating costs reflect it. A special focus is on the MD-80.70747Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69642cs/69642norm Airlines - April #### Traffic Review: PRASM Gains Significantly Lag Fuel Expense April yields fell far short of what is required to cover rising fuel expenses. The Atlantic sector remains strong despite continued capacity growth. ...69642768YesC0Article1145109715941079314251142143910697corphy3442High Yield6/12/2008 12:12:48 PM150April yields fell far short of what is required to cover rising fuel expenses.69642Credit & Investment ResearchCreditSights