...Air Transport Services Group, Inc. (ATSG) maintains a strong position as one of the world's leading providers of air cargo fleet leasing and related services, including crew, maintenance and insurance (CMI) services. ATSG's credit challenges include its high customer concentrations. As of June 30, 2023, the US Department of Defense (DOD), Amazon, and DHL accounted for 32%, 34% and 12% of revenues, respectively. This challenge is partially offset by the benefits from the high credit quality of these customers and their long-term need for the services provided by ATSG. Positively, we view Amazon's 19.5% minority interest in ATSG will result in an alignment of interests that reduces the risk that Amazon's business relationships with ATSG will diminish. We anticipate that ATSG's moderate debt-to-EBITDA leverage (2.4x based on last 12 months EBITDA ended 30 June, 2023) will remain consistent as the company continues to invest in fleet, but that leverage is vulnerable to swings based on the cyclicality...