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PINNACLE AIRLINES CORP.Monday, 02 April 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAAnot
available
non return extremlypathological
pathological highdanger
weak sufficient adequate good very
strongextremely
strong
Company name PINNACLE AIRLINES CORP.
Identification number
Country United States of America
ZIP code and city 38132 - MEMPHIS
Address Suite 111
+1 901 348 4100
www.pncl.com
Legal form
Account Consolidated
Incorporation date 2003
NACE 2 Sector 5110 - Passenger air transport
Listed
Status Active
MORE Credit limit 3,500,000 e
31/12/2010 31/12/2009 31/12/2008
Turnover (th e) 763,534 586,914 621,388
Rating B B CCC
Probability of default 3.80% 3.80% 16.00%
Confidence Level 100% 100% 100%
Solvency ratios
Leverage ratio 11.54 11.61 19.23
Total asset/Total liabilities 1.09 1.09 1.05
Liquidity ratios
Current Ratio 0.83 1.14 0.98
Quick Ratio 0.69 1.03 0.88
Profitability and economic equili-
brium ratios
Return on investement ROI (%) 4.12 6.75 3.19
Return on equity ROE (%) 10.69 40.94 -19.73
Asset turnover 0.68 0.66 0.77
Interest paid weight 0.66 0.52 1.24
Gross Profit/Operating revenue 0.23 0.25 0.24
Interest Coverage ratios
EBIT interest coverage ratio 1.51 1.80 1.02
Analysis and trend of financial
strength
PINNACLE AIRLINES CORP.Monday, 02 April 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis
Company Healthy Balanced Vulnerable Risky
Solvency ratios
Leverage ratio 11.54 0.54 2.59 4.35 -2.31
Total asset/Total liabilities 1.09 2.85 1.39 1.15 0.89
Liquidity ratios
Current Ratio 0.83 2.35 1.14 0.99 0.65
Quick Ratio 0.69 1.96 1.05 0.85 0.56
Profitability and economic equilibrium ratios
Return on investement ROI (%) 4.12 18.34 6.97 0.26 -15.69
Return on equity ROE (%) 10.69 21.21 10.10 -4.02 -100.70
Asset turnover 0.68 1.99 1.24 1.48 1.84
Interest paid weight 0.66 0.00 0.17 0.02 -0.06
Gross Profit/Operating revenue 0.23 0.20 0.20 0.09 0.02
Interest Coverage ratios
EBIT interest coverage ratio 1.51 391.30 5.07 0.05 -11.25
Cash Conversion Cycle (days)
Days Sales Of Inventory (DIO) 12 12 9 10 8
Days Sales Outstanding (DSO) 14 31 32 28 34
Days Payable Outstanding (DPO) 16 15 29 27 45
Cash Conversion Cycle (DIO + DSO - DPO) 10 19 15 6 -5
Numer of analyzed companies - 83 249 171 108
(Average) Rating B A BB B C
The sector has been chosen according to:
international companies in the sector NACE 2 5110 with financial data of year 2010.
PINNACLE AIRLINES CORP.Monday, 02 April 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis - Graphs
PINNACLE AIRLINES CORP.Monday, 02 April 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Balance Sheet
BALANCE SHEET (th e) 31/12/2010 31/12/2009 31/12/2008
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate USD - EUR 0.748 0.69416 0.71855
Total assets 1,121,101 895,057 810,306
Fixed assets 968,558 753,869 681,268
Intangible fixed assets 33,352 21,524 23,717
Tangible fixed assets 699,483 507,478 517,304
Other fixed assets 235,723 224,867 140,247
Current assets 152,543 141,188 129,038
Stocks 25,578 13,517 12,291
Debtors 29,472 23,961 22,720
Other current assets 97,493 103,711 94,027
Cash & cash equivalent 74,863 63,567 49,917
Shareholders funds 89,381 70,968 40,047
Capital 173 158 162
Other shareholders funds 89,208 70,810 39,886
Total liabilities 1,031,720 824,089 770,258
Non current liabilities 847,458 700,538 637,923
Long term debt 496,889 360,429 431,432
Other non-current liabilities 350,569 340,110 206,491
Current liabilities 184,262 123,551 132,335
Loans 57,998 27,245 26,741
Creditors 33,203 16,872 21,866
Other current liabilities 93,061 79,434 83,728
Total shareh. funds & liab. 1,121,101 895,057 810,306
NET DEBT (th e) 31/12/2010 31/12/2009 31/12/2008
Short term debts 57,998 27,245 26,741
Long term debt 496,889 360,429 431,432
Cash & cash equivalent 74,863 63,567 49,917
Net debt 480,024 324,107 408,257
31/12/2010 31/12/2009 31/12/2008
Working capital 21,847 20,605 13,145
Net Current Assets -31,720 17,638 -3,297
31/12/2010 31/12/2009 31/12/2008
Days Sales Of Inventory (DIO) 12 8 7
Days Sales Outstanding (DSO) 14 15 13
Days Payable Outstanding (DPO) 16 10 13
Cash Conversion Cycle (DIO + DSO - DPO) 10 13 7
PINNACLE AIRLINES CORP.Monday, 02 April 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Income Statement
INCOME STATEMENT (th e) 31/12/2010 31/12/2009 31/12/2008
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate USD - EUR 0.748 0.69416 0.71855
Sales 751,363 580,486 614,830
Revenues growth (%) 29.4 -5.6 -
Other revenues +/- variation in inventories and contract in progress + Fixed assets
own construction capitalized12,171 6,427 6,557
Operating revenue / turnover 763,534 586,914 621,388
Total operating costs 717,507 530,889 588,617
Costs growth (%) 35 -10 -
Service costs - - -
Material costs - - -
Costs of employees - - -
EBITDA 75,309 81,971 61,560
Depreciation 29,282 25,947 28,789
EBIT 46,027 56,025 32,771
Financial P/L -30,406 -26,705 -38,942
Financial revenue 1,378 4,043 -7,135
Financial expenses 31,784 30,748 31,807
Interest paid 30,527 31,141 32,009
P/L before tax 15,620 29,320 -6,172
Extr. and other P/L - - -
Extr. and other revenue - - -
Extr. and other expenses - - -
P/L before tax + Extr. and other P/L - - -
Taxation 6,069 265 1,730
P/L for period 9,552 29,055 -7,902
31/12/2010 31/12/2009 31/12/2008
Costs of Good Sold 584,344 437,252 473,597
Gross Profit 179,190 149,661 147,791
Other Operating Expenses 133,163 93,637 115,020
31/12/2010 31/12/2009 31/12/2008
Cash flow 38,834 55,001 20,887
Added value - - -
31/12/2010 31/12/2009 31/12/2008
Number of employees 7,619 5,106 4,204
PINNACLE AIRLINES CORP.Monday, 02 April 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Evolutions and trends
PINNACLE AIRLINES CORP.Monday, 02 April 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Qualitative information
Full overview Pinnacle Airlines Corporation is an airline holding company primarily engaged in the management and administra-
tion of its subsidiaries. It is publicly - held and trades on the NASDAQ under the symbol PNCL. The company’s
corporate headquarters is located in Memphis, Tennessee in the United States of America. As a holding compa-
ny, Pinnacle Airlines Corporation provides group planning and strategy. In particular, the company also exercises
financial control over its subsidiaries, settles their general policy and appoints their top managements, and as well
as provides central services. Pinnacle Airlines Corporation operates through its two wholly owned subsidiaries:
Pinnacle Airlines Inc. and Colgan Air Inc. Pinnacle Airlines Inc., the jet - based operating subsidiary of Pinnacle
Airlines Corporation. Pinnacle Airlines Inc., operates as Northwest Airlink, flies more than 700 daily Northwest Air-
link flights to more than 100 cities in the United States and Canada on its modern fleet of 139 Canadair Regional
Jets. Colgan Air Inc. operates 39 Saab 340 and 11 Beech 1900 regional airliners and operates more than 350 daily
flights. Colgan Air is affiliated with three major airlines and operates as Continental Connection, United Express
and US Airways Express. The company’s subsidiaries operate as independent entities with separate missions. Each
day, the company’s operating units flies more than 1,000 daily flights, transporting in excess of 27,000 customers
to 134 cities and towns in North America.
History Not available.
Primary business line Airline holding company primarily engaged in the management and administration of its subsidiaries.
Secondary business line Not available.
Main activity Services.
Secondary activity Not available.
Main products and services Not available.
Size estimate Not available.
Strategy, organization and policy Not available.
Strategic alliances Not available.
Membership of a network Not available.
Main brand names Not available.
Main domestic country United States Of America.
Main foreign countries or regions Not available.
Main production sites Not available.
Main distribution sites Not available.
Main sales representation sites Not available.
Main customers Not available.
PINNACLE AIRLINES CORP.Monday, 02 April 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Auditor/Advisor/Bank
name type address
ERNST & YOUNG LLP Auditor -
Computershare Investor Services Transfer Agent -
Board
name date of birth nationality function
Ms Susan M Coughlin - - Independent Director
Mr Ian Massey - - Independent Director
Mr James E Mcgehee - - Independent Director
Mr Sean E Menke - - President, Chief Executive Officer, Director
Mr Thomas S Schreier - - Independent Director
Mrs R. Philip Shannon - - Independent Director
Mr Alfred T Spain - - Independent Director
Mr Nicholas R Tomassetti - - Independent Director
Sharehoders (the first twenty shareholders ordered by Direct %))
MOHNISH PABRAI Rating: -
Country ISO code - Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 15.26 Number of Employees -
Total % - Information date 2009/03
Address: Not available
FMR LLC via its funds Rating: -
Country ISO code US Operating revenue (MIL $) 3,591
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 41,050
Total % 14.64 Information date 2011/09
Address: Not available
PINNACLE AIRLINES CORP.Monday, 02 April 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
DALAL STREET, INC. via its funds Rating: -
Country ISO code US Operating revenue (MIL $) 5
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 2
Total % 10.37 Information date 2011/09
Address: Not available
APOLLO GLOBAL MANAGEMENT LLC via its funds Rating: D
Country ISO code US Operating revenue (MIL $) 172
NACE Rev. 2, Core code - Total Assets (MIL $) 7,976
Direct % - Number of Employees 548
Total % 8.56 Information date 2011/09
Address: Not available
APOLLO CAPITAL MANAGEMENT LP Rating: -
Country ISO code US Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 8.39 Number of Employees -
Total % - Information date 2009/03
Address: Not available
DIMENSIONAL FUND ADVISORS LP via its funds Rating: A
Country ISO code US Operating revenue (MIL $) 37
NACE Rev. 2, Core code - Total Assets (MIL $) 2,187
Direct % - Number of Employees 260
Total % 4.50 Information date 2011/09
Address: Not available
CATALYST CAPITAL ADVISORS LLC via its funds Rating: -
Country ISO code US Operating revenue (MIL $) 0
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 2
Total % 3.94 Information date 2011/09
Address: Not available
VANGUARD GROUP, INC. THE via its funds Rating: -
Country ISO code US Operating revenue (MIL $) 2,018
NACE Rev. 2, Core code - Total Assets (MIL $) 1,830
Direct % - Number of Employees 9,500
Total % 2.82 Information date 2011/12
Address: Not available
BLACKROCK, INC. via its funds Rating: BB
Country ISO code US Operating revenue (MIL $) 9,081
NACE Rev. 2, Core code - Total Assets (MIL $) 179,896
Direct % - Number of Employees 10,100
Total % 2.49 Information date 2011/09
Address: Not available
PINNACLE AIRLINES CORP.Monday, 02 April 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
MESON CAPITAL PARTNERS LLC via its funds Rating: -
Country ISO code US Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees -
Total % 2.09 Information date 2012/01
Address: Not available
RENAISSANCE TECHNOLOGIES LLC via its funds Rating: -
Country ISO code US Operating revenue (MIL $) 1,245
NACE Rev. 2, Core code - Total Assets (MIL $) 948
Direct % - Number of Employees 42
Total % 1.82 Information date 2011/12
Address: Not available
THE INDEPENDENT ORDER OF FORESTERS via its funds Rating: -
Country ISO code CA Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees -
Total % 0.67 Information date 2011/09
Address: Not available
BRIDGEWAY CAPITAL MANAGEMENT INC via its funds Rating: -
Country ISO code US Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees -
Total % 0.56 Information date 2011/09
Address: Not available
RBF CAPITAL, LLC via its funds Rating: -
Country ISO code US Operating revenue (MIL $) 0
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 3
Total % 0.42 Information date 2011/09
Address: Not available
CITIGROUP INC via its funds Rating: -
Country ISO code US Operating revenue (MIL $) 79,635
NACE Rev. 2, Core code - Total Assets (MIL $) 1,873,878
Direct % - Number of Employees 266,000
Total % 0.34 Information date 2011/09
Address: Not available
WHITEBOX ADVISORS LLC via its funds Rating: -
Country ISO code US Operating revenue (MIL $) 6
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 84
Total % 0.34 Information date 2011/09
Address: Not available
PINNACLE AIRLINES CORP.Monday, 02 April 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
WILLIAMS FINANCIAL GROUP, INC via its funds Rating: -
Country ISO code US Operating revenue (MIL $) 1
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 5
Total % 0.33 Information date 2011/09
Address: Not available
GEODE CAPITAL MANAGEMENT, LLC via its funds Rating: -
Country ISO code US Operating revenue (MIL $) 0
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 2
Total % 0.31 Information date 2011/12
Address: Not available
SPARK LP via its funds Rating: -
Country ISO code US Operating revenue (MIL $) 1
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 10
Total % 0.24 Information date 2011/12
Address: Not available
CHARLES SCHWAB CORPORATION via its funds Rating: -
Country ISO code US Operating revenue (MIL $) 4,740
NACE Rev. 2, Core code - Total Assets (MIL $) 108,553
Direct % - Number of Employees 14,100
Total % 0.22 Information date 2011/12
Address: Not available
Subsidiaries (the first twenty subsidiaries ordered by Direct %)
MESABA AVIATION, INC. Rating: -
Country ISO code US Operating revenue (MIL $) 292
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 100.00 Number of Employees 3,700
Total % 100.00 Information date 2010/07
COLGAN AIR, INC. Rating: -
Country ISO code US Operating revenue (MIL $) 95
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees 1,300
Total % - Information date 2011/04
PINNACLE AIRLINES, INC. Rating: BB
Country ISO code US Operating revenue (MIL $) 846
NACE Rev. 2, Core code - Total Assets (MIL $) 1,289
Direct % MO Number of Employees 54
Total % - Information date 2011/07
PINNACLE AIRLINES CORP.Monday, 02 April 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
ASKMORE rating guide
General vision A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of
an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk
factors.
The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial
companies by using data included in financial statements.
The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy
model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the
model are obtained by applying newly developed numerical methodologies, drawing together financial theory,
data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective
algorithm that produces a classification of each company, by taking into account any attributes (such as sector and
country) characterizing a firm.
The model gives the opportunity to assign a rating to a company even without considering a complete data analysis
and allows to process quality information. It induces a better understanding of a company’s strength and weakness
thanks to sophisticated data mining tools and taking into account the analyst knowledge.
The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the
rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium
between the different aspects, better will be the final rating.
This is done studying, evaluating and aggregating the most important sections of the financial and economic
behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.
PINNACLE AIRLINES CORP.Monday, 02 April 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Rating scale
Rating class Rating macro class Assessment
AAA
Healthy
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
economic and financial flow and fund equilibrium.
AAThe company has very strong creditworthiness. It also has a good capital structure and economic and financial
equilibrium. Difference from AAA is slight.
AThe company has a high solvency. The company is however more susceptible to the adverse effects of changes in
circumstances and economic conditions than companies in higher rated categories.
BBB
Balanced
Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial
commitments could be affected by serious unfavourable events.
BBA company rated BB is more vulnerable than companies rated BBB. Furthermore the company faces major ongoing
uncertainties or exposure to adverse business, financial, or economic conditions.
B
Vulnerable
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments.
CCC
A company rated CCC has a dangerous disequilibrium on the capital structure and on its economic and financial
fundamentals. Adverse market events and an inadequate management could affect with high probability the
company’s solvency.
CC
Risky
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the
company’s strong disequilibrium could increase.
CThe company shows considerable pathological situations. The company’s capacity to meet its financial
commitments is very low.
D The company has not any longer the capacity to meet its financial commitments.
PINNACLE AIRLINES CORP.Monday, 02 April 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Fundamental Credit Rating Ratios
Analysis area Ratio Assessment
Solvency ratios
Leverage ratioThis measures the level of total liabilities of the company in comparison
with equity.
Assets to debtThis indicates company’s solvency. The company shows a level of deficit
when the value of this ratio is under one unit.
Financial ratios Fixed Assets coverage ratioThis is calculated only for holdings. It measures the capital structure i.e.
whether a company covers the fixed assets with long term capital.
Liquidity ratios
Current ratioThis measures whether a company has sufficient short-term assets to cover
its short-term liabilities.
Quick ratioThis compares current liabilities only to those assets that can be readily
turned into cash.
Profitability and economic ratios
Return on Investement(ROI)This measures the profitability of company investments without regard to
the way the investment is financed.
Return on Equity(ROE) This measures the profitability of the equity.
Asset turnover
This indicates the investments turnover with regards to sales. The level
assumed from the ratio depends on the sector in which the company
operates.
Profit margin This indicates the profitability of sales.
Interest coverage ratio Interest Paid coverage
This indicate the ability of the company to cover interest expenses through
the economic margins (Gross profit and EBIT) and through the cash flow
from operating activities.
PINNACLE AIRLINES CORP.Monday, 02 April 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
MORE Credit Limit, Probability of default and Confidence Level
MORE Credit Limit MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial
relationship with the analyzed company with an outlook of one year.
modeFinance used the following values associated with the company analyzed while computing the credit limit:
• Size;
• Years in Business;
• Average number of suppliers;
• Liquidity of the company and the comparison with its sector;
• The funds dedicated to be paid to suppliers;
• The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).
The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual
public data. This value should be reviewed by paying attention to the Confidence Level value and by using other
information such as other business information, news... etc; and private information such as the relationship with
client, history of payments, guarantees and the knowledge of the sector.
Probability of default e Confidence
Level
In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of
confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go
into default.
As the probability of default is strongly affected by the economic climate that the company is operating in,
companies in the same MORE class will not necessarily have the same probability of default.
The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:
Confidence =
∑Available Information∑
Total Information
The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in
availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the
MORE rating is able to take into account for each company.
For companies with fully populated records a confidence level of 100% would be applied: companies where no
financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.
PINNACLE AIRLINES CORP.Monday, 02 April 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Notes and disclaimer
NOTES modeFinance has based the present analysis on the company available financial statements, coming from one or
more of the following sources: local providers, Commercial Register (Companies House), websites, modeFinance’s
database etc.
DISCLAIMER All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any
form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of
the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot
be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will
be based on information gathered in good faith from both primary and secondary sources, whose accuracy we
are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken
based on any information that may subsequently prove to be incorrect.
Contacts
Company modeFinance
Products MORE rating
Where AREA Science Park
34149 Trieste, via Padriciano 99 - ITALY
Info [email protected]
web www.modefinance.com
Phone +39 040 3755337