Air Transport Services Group, Inc.: Update to credit analysis following change in outlook to negative

Moody's affirms ATSG's Ba1 corporate family rating and changes outlook to negative - Rating Action – 2024/03/01 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Air Transport Services Group, Inc.: Update to credit analysis - Credit Opinion – 2023/09/27 – US$ 250.00 – ...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...

Air Transport Services Group, Inc.: Update to credit analysis - Credit Opinion – 2022/06/30 – US$ 250.00 – ...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 declining debt-to-EBITDA and debt-to-tangible net worth leverage measures highlight the company's strong earnings and cash flow and lower debt levels as it grows its fleet and base of revenues. These factors underscore ATSG's Ba1 corporate family rating. ATSG's earnings and cash flow have been more resilient than lessors of passenger aircraft due to the operating strength its cargo aircraft leasing business, particularly the leasing and CMI services associated with the time-definite package delivery network operations of key customers including Amazon.com, Inc. (A2 positive) and DHL (owned by Deutsche Post AG, A3 stable). ATSG's credit challenges include its high customer concentrations. In 2021, the US Department of Defense, Amazon, and DHL accounted for 31%, 30% and...

Moody's upgrades Air Transport Services Group, Inc. to Ba1 from Ba2; outlook is stable - Rating Action – 2022/06/22 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Air Transport Services Group, Inc. - LGD Assessment – 2021/04/14 – US$ 750.00