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Rating Action:

MOODY'S ASSIGNS RATINGS TO PASS-THRU CTFS OF NORTHWEST AIRLINES, INC.

25 Sep 1997
MOODY'S ASSIGNS RATINGS TO PASS-THRU CTFS OF NORTHWEST AIRLINES, INC. New York, 09-25-97 -- Moody's Investor's Service has assigned the following ratings to $195,809,000 of Northwest Airlines ("Northwest") Pass Through Certificates, Series 1997-1:
$125,914,000 Class A Certificates: A3
$ 46,433,000 Class B Certificates: Baa2
$ 23,462,000 Class C Certificates: Baa3
The proceeds from the offering will be used to purchase nonrecourse equipment notes issued in connection with separate leveraged lease transactions financing twelve British Aerospace Avro RJ85 aircraft, which were delivered new or will be delivered new to Northwest between April 1997 and May 1998. The ratings are based on the credit quality of Northwest (senior unsecured at Ba2), as obligor under the leases, the amount of collateral supporting each class of securities, and the availability of an interest-only liquidity facility. Any future changes in the underlying credit quality of Northwest, currently rated Ba2, could cause a change in the ratings of the securities being offered. The rating also reflects the remarketing risk associated with the aircraft which are part of the emerging regional jet market.
Equipment notes issued in leveraged lease transactions are not direct obligations of, nor are they guaranteed by Northwest. Payment on the certificates will come from payments on the equipment notes, which, in turn, rely on lease payments made by Northwest. Lease rentals payable by Northwest will be sufficient to pay in full interest on the certificates when due and expected principal payments In addition, Northwest Airlines Corp. (senior unsecured at B1), the parent company of Northwest, unconditionally guarantees the lease rental payments.
In the event of non-payment by Northwest, payments on the certificates will come from a liquidity facility providing for up to three successive semi-annual interest payments on the certificates and from the proceeds from the repossession and sale of the aircraft. Because of the senior position of the liquidity provider, draws under the liquidity facility will directly reduce the amount of collateral available to note and certificate holders. The initial liquidity provider will be Royal Bank of Canada, which has a Moody's short-term rating of Prime-1 and long-term rating of Aa2.
Principal is due in full on the final legal distribution date. Failure to make expected principal distributions before final maturity will not constitute an event of default with respect to the certificates. It is the opinion of counsel to Northwest that the equipment notes will be entitled to the benefits under section 1110 of the U.S. Bankruptcy Code.
Northwest Airlines, Inc. is headquartered in St. Paul, Minnesota.


No Related Data.
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