Flyi's Rating Lowered to 'Negative'

Bond-rating agency Standard & Poor's lowered its rating of Flyi, parent of Dulles-based Independence Air, from "developing" to "negative." The move followed Flyi's disclosure Tuesday that it is making contingency plans for a potential Chapter 11 bankruptcy protection filing.

RCN, a Herndon company that provides cable, Internet and phone service in parts of the Washington area, said it lost $31.3 million (87 cents a share) in the second quarter on $141.4 million in revenue, compared with a loss of $73.7 million (75 cents) on $121.3 million in revenue a year earlier. A year ago, RCN was in bankruptcy reorganization and did not have full ownership of its operations. The company, which emerged from Chapter 11 protection in December, said its average revenue per customer has increased by dropping lower margin customers and promoting bundled services.

JER Investors Trust of McLean, a company that specializes in real estate debt securities and loans, had a profit of $4.2 million (35 cents a share) on $5.6 million in revenue in the second quarter. That compares with a loss of $5.4 million ($1.33) on revenue of $127,000 in the corresponding but partial quarter last year, which began when the company was created on April 19, 2004.

Compiled from staff and news service reports.