Here's something to think about before you lower your expectations any further:

Conclusion

Ultimately, a company's credit risk (or lack thereof) is driven by cash available against cash obligations.

In the case of DAL, their cash flows would comfortably exceed all obligations over the next seven years with a healthy cash flow buffer. CDS markets and Moody's rating are materially overstating DAL's credit risk. A tightening of CDS market spreads and an improvement in ratings are therefore expected.

Valens Credit Ratings are those made by the Valens Credit organization, determined by a ratings committee in a systematic process, and not the opinion of any single person.