My current fave, rated Caa1 (Moody’s), matures in 2013 with a yield running just over 11%. Just noticed a Continental issue maturing in 2011, rated B3 (one notch higher), yielding close to 20%. Yikes. Can it survive for 3 1/2 years more? I’ve had success with CO in the past, but airlines look like a terrible risk now.
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