S&P; Cuts Ratings on 5 Largest U.S. Carriers

The five largest U.S. airlines each had their corporate credit ratings lowered one notch by Standard & Poor’s Corp., partly because of a disappointing revenue outlook.

Ratings were lowered for AMR Corp., Delta Air Lines Inc., UAL Corp., Northwest Airlines Corp. and Continental Airlines Inc. The airlines have a greater credit risk because of concerns about airport security, rising low-fare competition, business travelers’ increased use of discounted tickets and limited flexibility to reduce labor costs, the credit-rating company said.