New York, May 17, 2013 -- Moody's Investors Service said that Southwest Airlines Co, Inc.'s (Baa3 stable) announcement on 15 May 2013 that its board of directors authorized an increase of the company's quarterly dividend to $0.04 per share and a $500 million increase in the share repurchase authorization to $1.5 billion is credit negative because these actions precede the restoration of credit metrics to the levels that pre-date the company's 1 May 2011 acquisition of AirTran Holdings, Inc. and will prolong the duration that Southwest's credit metrics remain elevated above the levels typical of investment-grade rated corporate issuers. For further information, please see www.moodys.com.

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