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Moody's rates American Airlines certificates Baa3
Moody's Investors Service said it assigned a Baa3 rating to American Airlines, Inc.'s $202.065 million of class B pass-through certificates, series 2021-1. The legal final maturity date is Jan. 11, 2032. The scheduled final payment date precedes the legal final maturity date by 18 months.
“On Oct. 25, 2021, Moody's assigned a Baa1 rating to the class A. Since then, the transaction was upsized to 26 aircraft, from the original 21 aircraft, and the class A certificates have been upsized to $757.825 million from $591.913 million. The upsize of the collateral does not materially change the loan to values of the transaction and therefore the rating on the class A certificates is not affected by the upsize or the issuance of the class B,” the agency said in a press release.
The proceeds will finance 26 aircraft, including 21 Airbus A321NEOs to be delivered in 2022 and five Embraer E175LRs that were delivered new to American Airlines in the fourth quarter of 2020.
The B2 corporate family rating of American Airlines Group Inc., parent of American Airlines, Inc. and the related negative rating outlook are unaffected by the assignment of a rating on the class B.
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