Moody's calls Delta refinery deal 'credit positive'

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Delta Air Lines deal with Berger of Texas on behalf of Delta's oil refinery in Trainer, Delaware County was applauded by the ratings agency.

Delta Air Lines' five-year contract with Bridger L.L.C., in Texas, for delivery of 65,000 barrels a day of domestic crude to Delta's refinery in Trainer, Delaware County, is "credit positive" and will save Delta about $110 million in year in running the refinery, Moody's Investors Service said Monday.

Moody's also noted that American Airlines' announcement of a $1 billion share buyback, 10-cent per share dividend to shareholders, and reduction of $2.8 billion of debt was "credit positive." Moody's called it a "measured first step" in deploying $9.5 billion in cash that American has after bankruptcy restructuring and the merger with US Airways.

Linda Loyd

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