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S&P rates American Airlines DIP loan BB-
Standard & Poor's said it assigned a BB- point-in-time rating to American Airlines Inc.'s $1.5 billion debtor-in-possession term loan.
The corporate credit ratings on American and its parent, AMR Corp., remain at D.
On May 10, the U.S. bankruptcy court authorized AMR and American Airlines to seek a $1.5 billion DIP term loan and credit facility that would convert to Chapter 11 emergence financing and also include at that time a $1 billion revolving credit facility.
The point-in-time rating only to the DIP term loan while American is in bankruptcy, S&P said. The agency said it expects to rate the emergence facility if and when AMR and American exit bankruptcy.
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