United Airlines' credit facility rating was downgraded yesterday by Fitch Ratings, which warned that the carrier is facing "full-year passenger RASM declines of more than 10%" and "could report substantially negative free cash flow for the final three quarters of 2009." The rating agency cautioned that "United's highly leveraged capital structure [is] unsustainable in the absence of a sharp turnaround in industry operating fundamentals." It also questioned UA's ability to finance the large ...

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