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Fitch affirms AMR, American
Fitch Ratings said it affirmed the debt ratings of AMR Corp. and its principal operating subsidiary American Airlines, Inc., as follows: AMR's issuer default rating at B- and senior unsecured debt at CCC/RR6 and American Airlines' issuer default rating at B and secured bank credit facility at BB-/RR1.
The outlook for both has been revised to positive from stable.
The agency said that the affirmation and outlook revision reflect progress made by AMR in directing free cash flow toward debt reduction throughout 2007, as well as Fitch's expectation that the airline can de-lever its balance sheet further-even in the face of record-high jet fuel costs and a challenging U.S. economic outlook moving into 2008.
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