Moody's cuts JetBlue rating citing weak finances

By Associated Press May 19, 2008 Comments (0)

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Moody's Investors Service on Monday downgraded its non-investment grade corporate family rating for JetBlue Airways Corp. to "Caa1" from "B3," citing its weakening financial performance.

The outlook is negative.

Moody's said that despite its low-cost business model, JetBlue has reported successive quarterly net losses and deteriorating finances.

In addition, higher fuel costs will likely drain the airline's available cash at a time when that money is needed for scheduled aircraft deliveries and upcoming debt maturities, Moody's said.

JetBlue shares fell a penny to close at $4.87.

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DocumentId: 648008, ~/articles/articlehandler.aspx, 7/5/2008 6:49:06 PM, No ticker

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