Ahead Of The Bell: United Airlines

Analyst Jamie Baker also said the airline company's shares have "fallen too fast and furiously, implying a higher risk of near-term bankruptcy than justified."

Baker notes that AirTran Holdings Inc., American Airlines parent AMR Corp., Continental Airlines Inc., JetBlue Airways Corp. and Southwest Airlines Co. have all taken on "substantial" capital plans in the last several months.

"We've already identified the need for United to do the same--the only question appears timing and magnitude," Baker wrote in a note to clients. "We would be surprised (and disappointed) if United didn't announce at least $1 billion of incremental borrowing, possibly as early as Tuesday."

But Baker underscored that the two-notch upgrade is not the result of an improved view of management or fundamentals.