Moody's rates United Air certificates A3

Moody's Investors Service said it assigned an A3 rating to United Airlines, Inc.'s $1.320 billion of pass-through certificates, series 2023-1 class A with a legal final maturity of July 15, 2037.

The final scheduled payment date precedes the respective legal final maturity date by 18 months.

Moody's said it estimates the market value of the 39 aircraft at about $1.955 billion at the transaction's issuance date, about $1.5 billion in January 2029, about $1.2 billion in January 2033 and about $1 billion at scheduled maturity in January 2036.

The proceeds will finance 39 aircraft delivered new to United between August 2022 and May 2023: twenty-two Boeing 737-MAX 8s and seventeen Boeing 737-MAX 9s.

The Ba2 corporate family rating and stable outlook of United Airlines Holdings, Inc., parent of United Airlines, Inc., are unaffected by this rating assignment.

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