JetBlue Begins $2.75 Billion Debt Sale, Gets Two Downgrades.

JetBlue Airways Corp. is launching a $2.75 billion bond-and-loan sale backed by its loyalty program to raise reserves and fund general corporate purposes. However, Moody's Ratings and S&P Global Ratings have downgraded the airline's credit rating, citing concerns about its operating profit and cash flow. JetBlue plans to sell at least $400 million of convertible notes and $1.5 billion of seven-year bonds callable in three years, as well as a $1.25 billion five-year term loan. The airline is also focusing on revamping operations and cutting unprofitable routes to target leisure customers in specific regions. [Extracted from the article]