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Moody's gives American Airlines notes B1
Moody's Investors Service said it assigned a B1 rating to the $276 million of senior secured notes due August 2016 of American Airlines, Inc., which were privately placed on July 31.
Moody's added that it is maintaining its other ratings of American and its parent AMR Corp., including the Caa1 corporate family and probability of default ratings and the SGL-2 speculative-grade liquidity rating.
The outlook is stable.
The notes proceeds were used to refinance the series 1999-1 enhanced equipment trust certificates of American, which matured on Oct. 15, the agency noted.
Moody's said that the B1 rating on the notes, one notch higher than Moody's ratings on other of American's senior secured debt obligations, reflects the benefits to noteholders of the protections of Section 1110 of Title 11 of the United States Code.
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