People Express omitted a preferred dividend.

The Newark, N.J.-based airline said it will not declare the Sept. 15 quarterly dividend on its Series A $2.64 cumulative convertible preferred stock. Separately, Duff & Phelps downgraded People’s debt, giving the company’s unsecured debt its lowest rating. Secured debt was downgraded from the equivalent of a low BB rating to a middle B. Analysts said the bankruptcy of People Express’ Frontier Airlines unit leaves the parent strapped for cash and poorly positioned for the slow fall travel season.