S&P rates UAL pass-through certificates

Standard & Poor's said it assigned ratings to various classes of the 2000-1, 2000-2 and 2001-1 pass-through certificates of UAL Corp. unit United Air Lines Inc. (both rated B/stable).

The agency said it assigned a BBB rating to the 2001-1 class A certificates, BB+ to 2000-1 and 2000-2 class A certificates, B+ to the 2001-1 class B certificates, B to the 2000-1 and 2000-2 class B certificates, CCC- to the 2001-1 class C certificates and CC to the 2000-2 class C certificates and 2001-1 class D certificates.

S&P noted that the ratings are based on the bankruptcy risk of United Air Lines as well as the effect on cash flows of the restructuring of notes secured by United aircraft and of the priority of payments in each of the 2000-1, 2000-2 and 2001-1 transactions.

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