S&P Cuts Ratings for UAL

The ratings agency says United Airlines' mechanics rejection of wage concessions makes bankruptcy virtually inevitable

On Nov. 29, Standard & Poor's Ratings Services lowered its long-term corporate credit ratings on UAL Corp. (UAL ) and subsidiary United Air Lines (United) to 'CCC-' from 'CCC', following the announcement that United's mechanics had rejected a concessionary pact negotiated as part of the airline's effort to secure a federal loan guaranty.

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