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Fitch rates American Airlines certificates BB+
Fitch Ratings said it assigned a BB+ rating to the planned $202.1 million of American Airlines Inc.’s pass-through trust certificates, series 2021-1 due July 2030.
The class B certificates are an add-on to the class A certificates announced on Monday. Fitch rated the class A certificates A and said the rating is unaffected by the class B certificates.
The class B certificate rating is based on the bottom-up approach detailed in Fitch's enhanced equipment trust certificates criteria, which calls for the rating to be notched up from American's corporate rating of B-, Fitch said.
The collateral consists of 21 A321 NEOs and 5 ERJ 175s, which the agency said it considers tier 1, citing the A321 NEO as “arguably one of the strongest pieces of collateral available” for EETCs.
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