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Old Jun 3, 2009 | 1:14 pm
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tcook052
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S&P Cuts Air Canada To Highly Speculative On Liquidity Woes
http://online.wsj.com/article/BT-CO-...03-708948.html

Standard & Poor's Ratings Services downgraded Air Canada (AC.B.T) to highly speculative territory, saying the airline's near-term efforts to boost liquidity remain uncertain.

Recent efforts to raise cash include being able to reduce by C$100 million the amount of unrestricted cash it must hold before it must provide a credit-card processor with an undisclosed amount of additional cash deposits. The minimum amount fell to C$800 million, but could have risen to C$1.3 billion by the end of June.
Air Canada held C$1 billion in cash in early May despite raising more than C$800 million in asset-backed financings the past few months.
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