Fitch: American Airlines pass-throughs BBB+, B

Fitch Ratings said it assigned the following ratings to American Airlines Inc.'s proposed pass-through trusts series 2013-1: BBB+ to $506.7 million class A certificates (A-tranche) with an expected maturity of July 2025; and B to $156.6 million class B certificates (B-tranche) with an expected maturity of January 2021.

The final legal maturities are scheduled to be 18 months after the expected maturities.

Fitch also placed both the AA 13-1 class A and class B certificates on rating watch positive reflecting the expectation that both tranches will likely be upgraded once AA exits from Chapter 11 and completes its proposed merger with US Airways.

The proceeds of the certificates will be used to acquire the class A and class B equipment notes, i.e. the aircraft mortgage obligation issued by American Airlines. American Airlines may subsequently offer additional subordinated class C certificates at a future date, as per the transaction documents.

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