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S&P cuts American Airlines ETCs, EETCs
Standard & Poor's said it lowered its ratings on selected equipment trust certificates (ETCs) and enhanced equipment trust certificates (EETCs) of AMR Corp. unit American Airlines Inc. as part of an industry-wide review of aircraft-backed debt.
S&P cut American Airlines' series 1987D, E, F and G and series 1990A-G and H-J ETCs to CCC+ from B-, series 1990K and L to CCC from B- and U-Z to CCC+ from B-, pass-thru certificate series 1998A to CCC+ from B-, series 1991A1, A2 and B to CCC from B-, C to CCC from CCC+, 1992A1, A, 1993A and 1994A to CCC+ from B-, 1995A to CCC from B-, 1999-1B to BB- from BB+, 2001-1A1 and 1A2 to BB+ from BBB, 2001-1B to B- from B, 2001-1C to CCC+ from B-, 2001-1D to CCC from CCC+, 2001-2A1 and 2A2 to BBB+ from A-, 2001-2B to BB from BBB, 2C to B from BB, 2D to B- from B and 2002-1C to B from BB-.
The ratings were removed were removed from CreditWatch negative where they were placed on Feb. 24.
The rating actions reflect S&P's concern that repayment prospects for holders of aircraft-backed debt could suffer in a potential scenario of multiple, further bankruptcies of large U.S. airlines weakened by high fuel prices and intense price competition.
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