S&P rates Continental notes CCC+

Standard & Poor's said it assigned a CCC+ rating to Continental Airlines Inc.'s $230 million 4.5% convertible notes due 2015 with a 6 recovery rating, two notches lower than the company's B corporate credit rating.

The outlook is negative.

Ratings reflect the company's participation in the high-risk airline industry and a heavy debt and lease burden, but also better-than-average operating performance among its peer large U.S. hub and spoke airlines, the agency said.

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