I’ve written that in the U.S. the major airlines at the most risk are American Airlines (by a wide margin) followed by United. American is likely to end the pandemic with over $45 billion in debt to service, far more than their next-closest competitor. And they underperformed the industry financially to begin with. Unsecured American Airlines debt is a risky bet over the coming years.
Looking at “liquidity, solvency, profitability, leverage and recent financial performance” Bloomberg ranked the 8 biggest airline insolvency risks. After significant subsidies, no U.S. or European airline makes the list.