The article below from NYTimes.com has been sent to you by psa188@xxxxxxxxx /--------- E-mail Sponsored by Fox Searchlight ------------\ THE CLEARING - IN THEATERS JULY 2 - WATCH THE TRAILER NOW An official selection of the 2004 Sundance Film Festival, THE CLEARING stars ROBERT REDFORD and HELEN MIRREN as Wayne and Eileen Hayes - a husband and wife living the American Dream. Together they've raised two children and struggled to build a successful business from the ground up. But there have been sacrifices along the way. When Wayne is kidnapped by an ordinary man, Arnold Mack (WILLEM DAFOE), and held for ransom in a remote forest, the couple's world is turned inside out. Watch the trailer at: http://www.foxsearchlight.com/theclearing/index_nyt.html \----------------------------------------------------------/ US Airways Debt Downgraded, Stirring Doubt on Jet Financing May 6, 2004 By BLOOMBERG NEWS By Bloomberg News The credit rating of the US Airways Group was downgraded one level by Standard & Poor's yesterday, casting doubt on the airline's financing from the General Electric Company for new smaller jets that would reduce costs. The downgrading came on the day that Edward G. Rendell, the governor of Pennsylvania, said that US Airways told him it might stop using Pittsburgh as a base. The lowering to a rating of CCC+ from B-, reflects a need for US Airways to "dramatically lower" expenses amid low-fare competition and rising fuel prices, an S.& P. analyst, Philip Baggaley, said. The company needed to maintain a B- rating from Standard & Poor's or a B3 rating from Moody's Investors Service under terms of the agreement with General Electric. The airline's rating by Moody's is already below that level, at C. General Electric, the airline and the makers of the jets are in talks on changing the terms regarding the credit ratings, according to a US Airways spokesman, David Castelveter. Bombardier of Canada and Empresa Brasileira de Aeronáutica of Brazil won orders in May 2003 from US Airways for 170 regional jets valued at $4.8 billion. Delivery of some jets has started. US Airways is seeking to cut costs in preparation for competition in Philadelphia from the low-fare carrier Southwest Airlines, which starts service from there on Sunday. Philadelphia is US Airways' largest market. US Airways is "under fire and trying to pull off a rapid restructuring," Mr. Baggaley said. Mr. Rendell said officials of the airline told him yesterday that the carrier was going to have to scale back flights and cut employees in Pittsburgh and ask remaining workers for concessions. "It's possible the whole airline goes under, but it's also possible they just pull out of Pittsburgh," he said in an interview. The carrier has posted losses in three quarters since emerging from bankruptcy proceedings in April 2003. Last month, Bruce Lakefield succeeded David N. Siegel as the chief executive. Dave Davis succeeded Neal Cohen as chief financial officer this week. http://www.nytimes.com/2004/05/06/business/06air.html?ex=1084874056&ei=1&en=19bda40fd0531a1e --------------------------------- Get Home Delivery of The New York Times Newspaper. Imagine reading The New York Times any time & anywhere you like! Leisurely catch up on events & expand your horizons. Enjoy now for 50% off Home Delivery! Click here: http://homedelivery.nytimes.com/HDS/SubscriptionT1.do?mode=SubscriptionT1&ExternalMediaCode=W24AF HOW TO ADVERTISE --------------------------------- For information on advertising in e-mail newsletters or other creative advertising opportunities with The New York Times on the Web, please contact onlinesales@xxxxxxxxxxx or visit our online media kit at http://www.nytimes.com/adinfo For general information about NYTimes.com, write to help@xxxxxxxxxxxx Copyright 2004 The New York Times Company