However, we expect the company to benefit from the double-digit price increases on the DoD contracts and higher block hours with Amazon (operating 10 more customer-provided 767-300s) in the ACMI segment. Additionally, we expect the CAM segment to have stronger earnings from higher on-lease aircraft. While the company will likely have a higher debt and interest expense burden under the new capital structure, we expect its EBIT interest coverage to improve modestly to 1.4x-1.6x in 2025 and 1.5x-1.7x in 2026, owing to stronger revenue and expanded margins. We also expect the company's debt-to-capital ratio to remain at 55%-65%, and funds from operations (FFO) to debt of 18%-23% through 2027, which we view as a strength for the rating. The company's
