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Bond Market News
United Airlines Upgraded to Ba1 by Moody’s
November 13, 2025
United Airlines was upgraded by a notch to Ba1 from Ba2 by Moody’s, putting them just a notch under investment grade status. The upgrade reflects the carrier’s improved operating performance, strong liquidity, and reduced leverage. The rating also reflects United Airlines’ strong global business profile, supported by its position as the largest US carrier by international revenue. Its broad global network, large loyalty program, and focus on premium offerings provide key competitive strengths. The company’s liquidity remains robust, projected to exceed $16bn by end-2025 even after $4bn in debt repayments, offering a solid buffer against potential earnings or cash flow shortfalls. However, United’s heavy reliance on secured debt with over 60% of total borrowings including leases continues to constrain its ratings. Moody’s cited United’s diversified revenue streams as key drivers of growth. According to Moody’s, United’s revenue is projected to surpass $63bn in 2026, with operating profit exceeding $5.5bn. Debt-to-EBITDA is expected to fall below 3.0x, while interest coverage should remain above 5.0x. Despite higher 2026 capex, free cash flow is forecasted to stay above $1.5bn, the rating agency added.
Its dollar bonds traded stable with its 5.875% 2037s at 102.4, yielding 5.6%
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